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Long-term Bitcoin holders sent an average of 480 BTC per hour to exchanges during the four hours of the market sell-off on Oct. 15, about one-fifth of the level seen among short-term holders, crypto analyst and trader Murphy said on X, describing it as a sign that downside pressure is easing.
Murphy, who has about 81,000 followers on X, said short-term holders sent an average of 2,200 BTC per hour to exchanges during the same four-hour decline a day earlier. Murphy said that was the fourth-highest level since Bitcoin’s rebound began in earnest in August this year. In the previous two cases, exchange inflows jumped during a rally, but in October they appeared during declines on Oct. 8 and Oct. 15. Murphy added that long-term holder inflows on Oct. 15 were lower than on Oct. 8, suggesting long-term holders did not panic significantly even amid negative macroeconomic developments. Murphy also noted that some long-term holders may have temporarily moved BTC to centralized exchanges because of recent Ledger hardware wallet security concerns, but said the simultaneous surge in exchange inflows from both long- and short-term holders during the Oct. 8 drop suggests exchange deposits were likely adding real selling pressure to prices.