On-chain analyst Murphy said in a post on X that short-term Bitcoin holders were the main source of exchange inflows during the latest BTC decline, while long-term holders remained comparatively steady. According to Murphy, short-term holders sent an average of about 2,200 BTC per hour to exchanges over a four-hour window, marking the fourth-highest level since the market move that began in August this year.
Murphy added that the Oct. 15 inflow peak was lower than the one seen on Oct. 8, which he said suggests selling pressure from short-term holders has eased. By comparison, long-term holders transferred only about 480 BTC per hour on average during the same period, roughly one-fifth of the short-term holder figure.
He also noted that long-term holders recorded a peak inflow of around 3,700 BTC per hour on Oct. 8. Murphy said part of that move may have been linked to asset transfers triggered by a hardware wallet security incident. Still, because both short-term and long-term holders posted large inflows that day and BTC fell quickly, he said there was real selling pressure in the market at the time.
Odaily reported that on-chain analyst Murphy said in a post on X that short-term Bitcoin holders were sending more BTC to exchanges during the recent price decline.
Murphy said short-term holders, or STH, transferred an average of about 2,200 BTC per hour to exchanges over a four-hour period. He said that was the fourth-highest level since the market move began in August this year.
At the same time, Murphy said the Oct. 15 peak was lower than the peak seen on Oct. 8, indicating that potential selling pressure from short-term holders had weakened.
Long-term holders, or LTH, were far less active by comparison. Murphy said they transferred only about 480 BTC per hour on average over the same period, or roughly one-fifth of the short-term holder level.
He also pointed to a spike on Oct. 8, when long-term holder inflows reached about 3,700 BTC per hour. Murphy said that move may have been partly related to asset transfers caused by a hardware wallet security incident. Even so, because both long-term and short-term holders sent large amounts of BTC to exchanges that day and the BTC price fell rapidly, he said the market still faced real selling pressure.
Murphy said the current decline has been driven mainly by exchange inflows from short-term holders, while long-term holders as a group have remained relatively stable. He added that the intensity of short-term holder inflows has already eased from earlier levels, which in his view shows some resilience in Bitcoin's holder structure.
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