[Analysis Indicates Bitcoin Long-Term Holders Sold 2.57 Million BTC in 4 Months] On November 11, analyst Murphy stated that since July 7, 2025, the amount of BTC held by Bitcoin long-term holders (LTH) has decreased by 363,000, but the actual distribution scale reached 2.57 million BTC, accounting for 13% of the total circulating supply. Despite the market facing significant selling pressure, Bitcoin's price has only dropped by approximately $2,000, indicating strong demand. Murphy believes the current market is still in a bull phase.