Who is panicking, who is holding on? The data provides the answer Short term holders (STH) transfer an average of 2200 BTC per hour within 4 hours, and there is a significant long needle in the data pattern that is higher than other time periods. The peak is the fourth highest since the market started in August this year, with the first two occurrences occurring during an uptrend, while October 8th and 15th were both occurring during a downtrend. But yesterday was already lower than the 8th, which is crucial! The most important task in the short term is to squeeze out all the 'swing chips'. And those chips that are truly obtained at the bottom cannot even consider "giving up/escaping" here. Looking at long-term holders (LTH) again, their performance yesterday was completely different: on average, only 480 BTC were transferred to the exchange per hour within 4 hours, which is 1/5 of STH. This indicates that LTH does not care about such a decline at all, despite the pessimistic bearish expectations at the macro level. Of course, we saw a large-scale transfer of LTH on October 8th, with a peak of 3700 pieces per hour. Some friends also believe that this is related to recent hardware wallet problems, which have caused some BTC that have been stored in the wallet for a long time to be temporarily transferred to the exchange. It cannot be ruled out that such a possibility exists. But on that day, both LTH and STH entered in large quantities, and BTC fell rapidly, indicating that there must be real selling pressure inside, not just for hedging purposes. In short, LTH has not moved, and the main ones that have entered the exchange during the decline are STH, but they have significantly weakened compared to the last time. This is a true reflection of the solid and stable structure of BTC participants at present. Confidence is not spoken out, but proven through actions. Who is nervous, who wants to escape, you can tell at a glance.