Bitcoin's price has remained relatively stable despite a significant drop in demand from long-term holders (LTHs). According to CryptoQuant contributor darkfost, the 30-day BTC LTH net position change indicator has plunged to -750,000 BTC. This indicates that LTHs have been moving to sell their holdings. However, this decline in LTH demand has been offset by buying from short-term holders (STHs). The SOPR (Spent Output Profit Ratio) of STHs has fallen below 1, which means that they are now holding their assets at a loss. This suggests that STHs are willing to hold onto their Bitcoin even as the price fluctuates. If STH demand remains strong and LTH demand turns neutral or positive, it could have a positive impact on the Bitcoin price. However, if STH demand weakens or LTH selling pressure increases, the price could face further downward pressure.

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