[Analyst: Long-term holders maintain low transfer volumes to exchanges during BTC decline, short-term holder selling pressure weakens] Odaily Planet Daily News: On-chain analyst Murphy posted on the X platform, stating that during the recent BTC decline, the volume of BTC transferred to exchanges by short-term holders (STH) has significantly increased, averaging about 2,200 BTC per hour over a 4-hour period, marking the fourth-highest level since the market rally began in August this year. However, the peak transfer volume on October 15 was lower than that on October 8, indicating that the potential selling pressure from short-term holders has weakened. In contrast, during the same period, long-term holders (LTH) transferred an average of only about 480 BTC per hour to exchanges, roughly one-fifth of the volume transferred by short-term holders. Murphy pointed out that on October 8, long-term holders experienced a peak transfer volume of approximately 3,700 BTC per hour, which may have been partially related to asset transfers triggered by a hardware wallet security incident. However, considering that both long-term and short-term holders saw large-scale transfers on that day, coupled with the rapid decline in BTC prices, there was still actual selling pressure in the market. Murphy believes that during the current decline, the primary contributors to BTC transfers to exchanges are short-term holders, while long-term holders have remained relatively stable overall. Additionally, the intensity of transfers by short-term holders has weakened compared to earlier levels, reflecting a certain degree of resilience in the structure of BTC holders.