Analyst: The recent sell pressure driving Bitcoin’s decline mainly stems from short-term holders, with the intensity of such pressure easing.

Crypto market analyst Murphy noted that the volume of Bitcoin (BTC) transfers from short-term holders (STHs) to trading platforms has risen significantly recently, with an average of around 2,200 BTC moved per hour over four hours, marking the fourth highest peak since the start of this year’s August market rally. However, the transfer volume on October 15 was lower than that on October 8, indicating that selling pressure from STHs has eased somewhat. In contrast, long-term holders (LTHs) transferred a smaller amount to trading platforms yesterday, with an average of only around 480 BTC per hour over four hours—less than one-fifth of the STHs’ volume. This shows that amid recent market declines and rising expectations of macro headwinds, LTHs as a whole remain relatively stable. It is worth noting that LTHs’ transfer volume on October 8 once hit 3,700 BTC per hour. While it cannot be ruled out that some holders temporarily moved assets due to hardware wallet-related issues, the large transfers from both LTHs and STHs that day, paired with Bitcoin’s rapid price drop, confirm there was indeed actual selling pressure in the market at that time. During the recent Bitcoin downturn, the main entities transferring assets to trading platforms were STHs, with LTHs staying stable overall, and STHs’ transfer scale has decreased compared to October 8.