According to Glassnode data, since the halving in 2024, Bitcoin short-term holders have significantly reduced their transfers to exchanges when they lose money.。This transfer peaked at 90,000 BTC in early 2024, but stabilized below 30,000 BTC after halving in April.。Historical data shows that Bitcoin short-term holders tend to increase transfer activity during major price declines, reflecting panic selling。This trend was particularly evident during the 2018 bear market and the COVID-19 crash in March 2020。However, after the halving in 2024, the market showed greater stability and investor confidence, with fewer panic transfers.。Nonetheless, it is still important to monitor the volume of transfers, as their peaks usually signal significant price movements and can be a potential indicator of changes in market sentiment.。