Short-term holders are the primary source of selling pressure during Bitcoin's recent pullback, transferring an average of 2,200 BTC per hour to exchanges within a 4-hour window. This spike marks the fourth highest since August's rally began, though transfer volumes on October 15 were lower than the previous peak on October 8, indicating weakening sell-side momentum from swing traders.
Long-term holders transferred only 480 BTC per hour during the same period, demonstrating limited sensitivity to current price declines and macro headwinds. Despite a brief 3,700 BTC/hour spike on October 8 linked to a hardware wallet incident, data confirms that long-term investors are not driving exchange inflows. Analyst Murphy suggests the market participant structure remains solid, with foundational holders unlikely to exit at current levels.
BTC Selling Pressure Driven by Short-Term Holders as Long-Term Investors Remain Steady
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