According to Shenzhen TechFlow, CryptoQuant analyst XBTManager’s report shows that network activity has increased significantly during the recent upward trend in Bitcoin prices, which may bring new selling pressure.

Data shows that from September 18 to 24, there were large-scale transfers of bitcoins held for multiple time periods. Among them, 4,924 bitcoins held for 2-3 years and 16,707 bitcoins held for 1 week to 1 month were transferred on September 18; and 29,292 bitcoins held for 6-12 months were transferred on September 23.

XBTManager pointed out that the significant movement in currency volume during various stages during this period reflects the continued transfer activity on the Bitcoin network. Analyzing whether these Bitcoins are being moved to exchanges will help assess the potential depth of selling pressure. As online transfer activity increases, Bitcoin's upward momentum begins to slow.