Analyst: The turnover of long-term holders of BTC has increased, and the release of phase selling pressure may reduce resistance for subsequent price increases

On-chain analyst Murphy posted on platform X that long-term holders (LTH) of Bitcoin have cumulatively transferred approximately 32,000 BTC to exchanges, marking the second-largest single-day inflow since the significant drop on February 5 of this year. However, during the same period, U.S. government-related wallets transferred about 17,200 BTC to Coinbase Prime. Considering that this platform serves as the official custodian and trading service for the U.S. Marshals Service, these transfers do not necessarily indicate selling.

Excluding this portion, the noteworthy potential selling pressure is approximately 14,800 BTC, primarily coming from long-term holdings aged 6 to 12 months and 3 to 5 years. Murphy pointed out that the average coin age of spent long-term holder coins reached 712 days, up from 651 days on July 14, indicating that earlier holdings are gradually participating in turnover. He believes that the distribution by long-term holders during the transition phase between bull and bear markets is not necessarily bearish; the release of periodic selling pressure can help in the redistribution of holdings, with the key being whether market demand can effectively absorb it. If new funds can digest the supply, sufficient turnover may actually reduce resistance for subsequent market movements.