727 FinancePANews October 16 news: Analyst Murphy pointed out that in the recent BTC pullback, the behavior of short-term holders (STH) and long-term holders (LTH) showed clear differences. Data shows that short-term holders transferred an average of about 2,200 BTC per hour to exchanges within 4 hours, forming a long spike noticeably higher than other periods. This peak was the 4th highest since the market rally began in August this year, with both occurrences on October 8 and 15 appearing during the decline. The transfer volume on the 15th was already lower than on the 8th, indicating that the selling pressure from "swing chips" has weakened somewhat.
By contrast, long-term holders transferred an average of only about 480 BTC per hour during the same 4-hour period, indicating that they are not sensitive to the current decline and bearish macroeconomic expectations. On October 8, long-term holders had a large-scale transfer peak of 3,700 BTC/hour (possibly partly related to a hardware wallet incident), but overall, short-term holders remained the main force transferring to exchanges during the decline. Murphy believes that the current BTC participant structure is solid, and the true bottom chips are unlikely to exit here.