On-chain analyst Murphy reported consecutive large transfers of about 65,000 BTC over two days, including about 14,000 BTC to exchanges. The move reverses the steady long-term holder accumulation trend seen since May.
>Matters because: If these coins are sold rather than repositioned, BTC could face pressure from long-term holder distribution. The pattern is worth watching given the Fed vote, Middle East tensions, and near-record-short yen carry trade positioning.