Odaily Planet Daily reports that on-chain analyst Murphy posted on X that during the recent BTC price decline, the volume of BTC transferred to exchanges by short-term holders (STHs) rose significantly, averaging approximately 2,200 BTC per hour over a four-hour period—the fourth-highest level since the market rally began in August this year. However, the peak transfer volume on October 15 was lower than that on October 8, indicating a reduction in potential selling pressure from short-term holders.
In comparison, long-term holders (LTHs) transferred an average of only about 480 BTC per hour to exchanges during the same period, roughly one-fifth of the amount transferred by short-term holders. Murphy noted that on October 8, LTHs experienced a peak inflow of approximately 3,700 BTC per hour, possibly partially linked to asset movements triggered by a hardware wallet security incident. However, given that both long-term and short-term holders showed large-scale inflows that day, alongside a rapid decline in BTC price, there remains tangible selling pressure in the market.
Murphy believes that during the current downturn, the primary contributors of BTC to exchanges are short-term holders, while long-term holders have remained relatively stable overall. Additionally, the intensity of inflows from short-term holders has decreased compared to previous periods, indicating that the structure of BTC holders still exhibits considerable resilience.