On-chain analyst Murphy said long-term holders transferred about 480 BTC per hour to exchanges during the recent BTC decline. Murphy said short-term holders averaged approximately 2,200 BTC per hour within a 4-hour window, the fourth-highest level since the rally began in August this year. Murphy said the short-term holder transfer peak on October 15 was below the October 8 peak, indicating somewhat weaker potential selling pressure. Murphy believes short-term holders account for most current exchange transfers, while long-term holders remain relatively stable overall.