According to CoinMeta, an analyst named Murphy stated on platform X that from October 7th to 8th, long-term Bitcoin holders (LTH) transferred a total of approximately 32,000 BTC to exchanges, which represents the second-largest single-day transfer volume since the significant drop on February 5th of this year. However, during the same period, relevant US government wallets transferred about 17,200 BTC to Coinbase Prime. Considering that this platform provides official custody and trading services for the US Marshals Service, these transfers do not necessarily indicate sales. Excluding this portion, the potential selling pressure that is worth noting amounts to around 14,800 BTC, mainly coming from long-term holdings with a coin age of 6 to 12 months and 3 to 5 years. Murphy pointed out that on October 8th, the average coin age of the long-term holders' holdings that were spent reached 712 days, higher than the 651 days on July 14th, indicating that earlier holdings are gradually participating in turnover. He believes that the distribution of long-term holdings during the bull-bear transition phase is not necessarily negative; the release of short-term selling pressure can help with the reallocation of holdings. The key lies in whether market demand can effectively absorb this supply. If new funds can digest this supply, sufficient turnover may actually reduce resistance for subsequent market trends.