Analysts: Bitcoin long-term holders are starting to take profits, and this group may anticipate prices nearing the top.

On May 17, on-chain data analyst Murphy posted on social media, stating that the average cost of long-term Bitcoin holders (LTH) has suddenly risen sharply, with a 7-day cost change rate reaching 9.57%. This situation arises not only from some short-term holders (STH) converting their high-position chips to LTH but also due to certain low-cost long-term chips being sold, which raises the overall cost. Currently, the average cost of LTH is around $31,000, indicating that many chips with costs below $31,000 have been sold, causing the overall cost to rise rapidly. Murphy further explained that LTH holders, known as 'diamond hands,' usually operate very little, and their selling actions are primarily based on 'panic' or 'hedging.' Since there is currently no 'panic,' it is possible that LTH feels the price is approaching their predicted peak and begins to gradually exit (LTH's judgment may also be incorrect).