Analyst Murphy: On Oct. 7–8, LTHs transferred approximately 32,000 BTC to exchanges, the second-largest single-day inflow since Feb. 5. Of that, 17,200 BTC came from wallets linked to the U.S. government and went to Coinbase Prime; this may simply have been a custody consolidation rather than an active sale. Excluding it, potential selling pressure was around 14,800 BTC. During the transition from a bear to a bull market, daily LTH transfers of 2,000–3,000 BTC are normal; a sudden surge is what warrants caution. A price decline combined with LTH distribution is not necessarily a bad thing: CDD indicates that dormant coins are changing hands, releasing sell pressure earlier and potentially easing the burden on the market later. The key is how well buyers absorb the supply—old coins being released and new capital taking them up. A thorough turnover is the foundation for a rally to go further. #BTC #链上数据 #LTH