Who is panicking, and who is holding strong? The data provides the answer. Short-term holders (STHs) transferred an average of 2,200 BTC per hour over the past four hours, forming a long spike significantly higher than other periods. This peak is the fourth highest since the market rally began in August, with the previous two peaks occurring during upward moves, while the ones on October 8 and 15 happened during declines. But yesterday’s level was already lower than on the 8th—that’s crucial! The most immediate task in the short term is to squeeze out all remaining “wavering holders.” Those who truly acquired their positions at the bottom would never consider “giving up” or “running away” here. Now, look at long-term holders (LTHs): their behavior yesterday was entirely different—only 480 BTC per hour, on average, were transferred to exchanges over the same four-hour window, just one-fifth of STH volume. This shows LTHs are completely unfazed by this decline, despite macro-level bearish sentiment. Of course, we did see a large influx of LTH transfers on October 8, peaking at 3,700 BTC/hour. Some speculate this was due to recent hardware wallet issues causing some BTC long-held in wallets to be temporarily moved to exchanges. That possibility can’t be ruled out. But since both LTHs and STHs surged transfers simultaneously on that day—and BTC prices dropped sharply—it indicates real selling pressure, not just precautionary moves. In summary: LTHs remained steady; the primary transfers to exchanges during this decline came from STHs—but even that has clearly weakened compared to last time. This reflects the true strength and stability of BTC’s current participant structure. “Confidence” isn’t shouted—it’s proven through action. Who’s nervous, who’s trying to escape? The data makes it clear.