Odaily Planet Daily report: Cryptocurrency analyst Murphy posted on X that on-chain data shows a rare large-scale transfer of holdings by Bitcoin long-term holders (LTHs). Over the past two days, more than 65,000 BTC have moved on-chain (excluding transfers within the same entity), resulting in a significant decline in the net holdings of long-term holders.
Data shows that LTH net positions began to deviate from their previous sustained growth trend starting in May this year and entered a period of stagnation in July. Large-scale transfers of this magnitude have been uncommon over the past year. Approximately 14,000 BTC have flowed into exchanges, including a transaction in which Trump’s publicly traded company transferred 2,628 BTC to Crypto.com.
Currently, the destination and purpose of the reduced holdings by long-term holders, excluding exchange inflows, remain unclear. Murphy noted that potential risks currently affecting the BTC market include: 1) a shift in Federal Reserve monetary policy and rising expectations for rate hikes; 2) inflationary pressures stemming from geopolitical tensions in the Middle East and fluctuations in oil prices; 3) valuation concentration in the AI sector and financing risks behind high capital expenditures; and 4) renewed overcrowding in yen carry trade positions.