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