According to ChainCatcher, the latest research from crypto data analysis platform CryptoQuant shows that the number of short-term Bitcoin holders (holding time no more than 155 days) has continued to decline since the end of May, indicating that demand is weakening. Julio Moreno, head of research at CryptoQuant, pointed out that this phenomenon means that Bitcoin demand remains weak. On the contrary, long-term holders seem to be taking the opportunity to accumulate. Moreno added that if Bitcoin demand grows again, this dynamic may reverse, causing short-term holders to buy from long-term holders.
CryptoQuant contributor IT Tech believes that this dynamic could lead to medium-term price appreciation and market stability. Increased accumulation by long-term holders could lead to price stability and prepare for a potential market rebound, while short-term holders selling could put downward pressure on Bitcoin prices in the short term. IT Tech said that data shows a clear flow of funds from the weak group (short-term holders) to the strong group (long-term holders), which indicates market stability.
