Analyst: BTC sell pressure in the drop comes mainly from short-term holders
- —STH sent an average 2,200 BTC per hour to exchanges over 4 hours — 4th peak since August
- —Peaks on Oct 8 and Oct 15 coincided with price declines; Oct 15 inflow was below Oct 8
- —LTH moved only about 480 BTC per hour, showing little reaction to macro negativity
- —LTH saw a peak of 3,700 BTC/hour on Oct 8, possibly tied to the hardware wallet incident
Why it matters: BTC's holder base looks solid: selling pressure is coming from short-term speculators rather than long-term investors.
Source: PANews
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