Short-Term Bitcoin Exchange Transfers Ease as Long-Term Flows Stay Low

Short-term Bitcoin (BTC) transfers to exchanges eased from an Oct. 8 peak while long-term-holder flows stayed low during the recent decline.

Short-term holders transferred an average of about 2,200 BTC per hour to exchanges over a four-hour period. That pace was the fourth-highest since a market move began in August. The Oct. 15 peak was below the Oct. 8 level, indicating weaker potential selling pressure from short-term holders.

Long-term holders transferred about 480 BTC per hour on average during the same period, roughly one-fifth of the short-term rate. Their exchange transfers reached about 3,700 BTC per hour on Oct. 8. Some of the Oct. 8 activity may have reflected asset movements tied to a hardware-wallet security incident.

Both holder groups transferred heavily as Bitcoin fell quickly on Oct. 8, when actual selling pressure was present in the market. During the more recent decline, long-term-holder activity remained relatively steady and short-term transfers were less intense than on Oct. 8.