Bitcoin long-term holders make rare position reduction, over 130,000 BTC transferred within two days sparking safe-haven speculation

Odaily News: Crypto analyst Murphy posted on X, stating that on-chain data shows a rare large-scale shift of BTC positions among long-term holders (LTH) recently. Over the past two days, more than 65,000 BTC have moved on-chain each day (excluding internal transfers within the same entity), leading to a notable decline in the net holdings of long-term holders.

Data shows that LTH net holdings have shifted away from their previous growth trend since May this year, entering a stagnant phase in July, while the recent large-scale transfers have been relatively uncommon over the past year. Among them, approximately 14,000 BTC have flowed into exchanges. Some of these funds include a transaction where Trump-affiliated listed company transferred 2,628 BTC to Crypto.com.

At present, aside from the portion flowing into exchanges, the destination and purpose of the remaining reduced long-term holder positions remain unclear. Murphy stated that potential risks currently affecting the BTC market include: 1) Shifts in Federal Reserve monetary policy and rising expectations of interest rate hikes; 2) Inflationary pressures from Middle East tensions and oil price changes; 3) Valuation concentration in the AI sector and financing risks behind high capital expenditures; 4) Re-crowding of yen carry trade positions.