Bitcoin long-term holders sell over 65,000 BTC in two days, possibly to mitigate macro risks

ChainCatcher report: Analyst Murphy posted that over the past two days, there have been consecutive daily transfers of over 65,000 BTC (excluding internal transfers within the same entity), leading to a significant decline in the net holdings of long-term holders (LTHs). He noted that since May, LTH net holdings have deviated from their previous upward trend and have remained stagnant through July—a rare occurrence over the past year. Murphy stated that approximately 14,000 BTC were transferred to exchanges; for example, a publicly traded company owned by Trump transferred 2,628 BTC to Crypto.com, part of this movement. The destination and intent behind the remaining LTH net sell-offs remain unknown. He also listed macroeconomic risk factors that could impact BTC, including the Federal Reserve’s 9-to-3 split vote to cut interest rates, Middle East conflicts and oil prices, the extreme concentration of valuations in the U.S. stock market’s AI sector, which relies heavily on debt and private credit financing, and the renewed buildup of yen carry trade positions approaching historical extremes in net short exposure. He warned that the current sensitivity of BTC’s own supply structure may amplify these risks.