Analyst: BTC Sell-Off Pressure Primarily from Short-Term Holders

PANews, October 16: Analyst Murphy noted in a post that during the recent BTC pullback, there was a clear divergence in behavior between short-term holders (STHs) and long-term holders (LTHs). Data shows that STHs transferred an average of approximately 2,200 BTC per hour to exchanges over a four-hour period, forming a pronounced spike significantly higher than other timeframes. This peak ranks as the fourth highest since the market rally began in August this year, with two occurrences—October 8 and October 15—both taking place during downward price movements. The volume transferred on the 15th was lower than on the 8th, indicating reduced selling pressure from “swing holders.” In contrast, LTHs transferred only about 480 BTC per hour on average during the same four-hour window, suggesting they are largely insensitive to the current decline and macroeconomic headwinds.