Analyst: The recent selling pressure driving Bitcoin's decline mainly comes from short-term holders, and its intensity has somewhat weakened.

BlockBeats news, October 16 - Crypto market analyst Murphy stated that short-term holders (STH) have recently significantly increased the amount of Bitcoin transferred to trading platforms, with an average of about 2,200 BTC transferred per hour within 4 hours, forming the 4th highest peak since the market rally began in August this year. However, the transfer volume on October 15 has fallen below that of October 8, indicating that the selling pressure from short-term holders has somewhat weakened.

In contrast, long-term holders (LTH) transferred a lower amount to trading platforms yesterday, with an average of only about 480 BTC per hour within 4 hours, less than one-fifth of that of short-term holders. This indicates that, against the backdrop of recent market declines and rising macroeconomic bearish expectations, long-term holders remain relatively stable overall.

It is worth noting that on October 8, the transfer volume from long-term holders once rose to 3,700 BTC per hour. Although it cannot be ruled out that some holders temporarily moved assets due to hardware wallet-related issues, the large transfers from both long-term and short-term holders on that day, coupled with the rapid decline in Bitcoin price, indicate that there was indeed some actual selling pressure in the market at that time. During the recent Bitcoin decline, the main entities transferring assets to trading platforms were short-term holders, while long-term holders have generally remained stable, and the transfer scale of short-term holders has decreased compared to October 8.