Crypto market analyst Murphy said recent Bitcoin transfers to exchanges have been driven largely by short-term holders, pointing to them as the main source of sell pressure during the latest decline. Over a four-hour window, short-term holders sent an average of about 2,200 BTC per hour to trading platforms, marking the fourth-highest peak since the current move began in August. Still, the Oct. 15 transfer volume was below the level seen on Oct. 8, which Murphy said suggests that selling pressure from this group has started to ease. Long-term holders showed a different pattern. Their exchange inflows were much lower, averaging about 480 BTC per hour over four hours, or less than one-fifth of the short-term holder level. Murphy said that points to relative stability among long-term holders even as Bitcoin has fallen recently and macro bearish expectations have intensified. He also noted that long-term holder inflows briefly rose to 3,700 BTC per hour on Oct. 8. While some transfers may have been linked to temporary asset movements tied to hardware wallet issues, Murphy said the large inflows from both groups that day, together with Bitcoin’s rapid price drop, indicate that there was genuine sell pressure in the market at the time.
On Oct. 16, crypto market analyst Murphy said short-term holders, or STH, have been the main source of recent Bitcoin selling pressure, based on a clear rise in BTC moving onto exchanges.
According to Murphy, short-term holders transferred an average of about 2,200 BTC per hour to trading platforms over a four-hour period. That marked the fourth-highest peak since the current market move began in August.
Even so, the transfer volume recorded on Oct. 15 was lower than the level seen on Oct. 8. Murphy said that suggests selling pressure from short-term holders has weakened.
Long-term holders, or LTH, showed a much smaller exchange inflow. Murphy said their transfers to trading platforms averaged only about 480 BTC per hour over four hours yesterday, less than one-fifth of the short-term holder figure. In his view, that points to relative stability among long-term holders during the recent market decline and a period of rising macro bearish expectations.
Murphy also noted that long-term holder inflows had briefly climbed to 3,700 BTC per hour on Oct. 8. While he said it cannot be ruled out that some holders temporarily moved assets because of hardware wallet-related issues, both long-term and short-term holders posted large transfers that day, and Bitcoin fell quickly in price. He said that indicates the market did face real selling pressure at the time.
Overall, Murphy said that during Bitcoin’s latest decline, the main entities sending assets to exchanges were short-term holders, while long-term holders remained broadly stable. He added that the scale of short-term holder transfers has already declined from the Oct. 8 level.
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