BlockBeats news, on May 17, on-chain data analyst Murphy stated on social media that the average cost of long-term holders (LTH) of Bitcoin has suddenly risen sharply recently, with the 7-day cost change rate reaching 9.57%. This situation is not only due to some short-term holders (STH) converting their high-position chips to LTH, but there must also be some low-cost long-term chips being sold, which has raised the overall cost. Currently, the average cost for LTH is around $31,000, indicating that a considerable amount of chips with a cost below $31,000 have been sold, leading to a rapid increase in overall cost.
Murphy further explained that as 'diamond hands', LTH holders rarely operate, and their selling actions are generally based on 'panic' or 'hedging'. In the current situation, there is no 'panic', so it is possible that LTH feel the price is approaching their predicted peak and are gradually exiting (LTH's judgment may also be incorrect).
