According to TechFlow, on September 19, according to The Block, CryptoQuant data showed that the 30-day change in the supply of Bitcoin short-term holders (STH) has fallen to its lowest level since 2012. Julio Moreno, head of research at CryptoQuant, said this may limit Bitcoin's ability to break through the current price range.
Data shows that Bitcoin supply is shifting towards long-term holders (LTH), which are addresses that have been held for more than 155 days. While the accumulation of Bitcoin by long-term holders is a prerequisite for price appreciation, Moreno emphasized that Bitcoin still needs new demand from short-term holders to sustain price increases. Moreno added, “We are still not seeing significant new demand from short-term holders.”
