Bitcoin long-term holders (LTHs) have continued to increase their net positions, according to on-chain analyst Murphy. Between February 13 and February 26, a total of 14,127 BTC were traded by LTHs, while 19,798 BTC previously held by short-term holders (STHs) were converted to long-term holdings. This net growth indicates a reduction in turnover for both long-term and short-term positions. The data suggests that speculative capital is exiting the market, with long-term holders maintaining their assets. Despite a decrease in liquidity, the selling pressure has also diminished, reflecting a more stable holding pattern among Bitcoin investors.