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Crypto analyst Murphy, who has about 81,000 followers on X, said Bitcoin short-term holders have repeatedly made large deposits to Coinbase and added that any remaining sell-side supply should be absorbed as soon as possible.
According to Glassnode data Murphy shared, short-term holders deposited more than 3,000 BTC per hour to Coinbase on Oct. 20 and about 2,500 BTC per hour again on Oct. 23. Inflows also reached about 1,200 BTC per hour on Oct. 26, while multiple deposits of more than 1,000 BTC have appeared since Oct. 27.