According to data from the cryptocurrency analysis platform CryptoQuant, short-term holders of Bitcoin have been on a downward trend since late May, indicating that market demand has weakened. At the same time, long-term holders are still under selling pressure from short-term holders. Continue to accumulate positions.
CryptoQuant: Strong hands take over weak positions
Julio Moreno, head of research at CryptoQuant, pointed out to The Block that short-term holders have not yet begun to accumulate Bitcoin and are even still selling it, showing that the market demand for Bitcoin is still weak, but long-term holders have continued to do so during this period. Accumulate Bitcoin.
Other highlights:
If demand for Bitcoin grows again, the situation may reverse, with short-term holders re-entering the market and buying Bitcoin from long-term holders.
Shifting Hands: Capital Flowing from Weak to Strong Holders
“Increased accumulation by LTH could lead to price stabilization and position the market for a potential rebound, while STH sell-offs may create short-term downward pressure on BTC prices.” – By @IT_Tech_PL
Link … pic.twitter.com/QnZkR7VXsm
— CryptoQuant.com (@cryptoquant_com) September 9, 2024
Bearish in the short term, bullish in the medium to long term
CryptoQuant contributor IT Tech said that capital flows show a shift from "weak hands (short-term holders)" to "strong hands (long-term holders)", which is usually regarded as a signal of market stability, which may occur in the medium term. Prompt Bitcoin prices to rise and stabilize the market, or prepare for a potential market rebound, although selling by short-term holders may still put pressure on Bitcoin prices in the short term.
Similar institutions will always try to present data that is positive for the market. For example, CryptoQuant also stated at the end of March that the sell-off by short-term holders and miners had ended, and in July pointed out that relevant indicators had rebounded.
(Has Bitcoin hit bottom? CryptoQuant: Indicators have rebounded, but stablecoin liquidity is still the main obstacle)
Is Trump’s debate loss a bad thing?
It’s been one day since the U.S. presidential debate, and the price of Bitcoin has actually been almost flat over the past 24 hours.
(The Kawaga Debate will begin at nine o'clock, and Bitcoin rebounds to 57K)
Although Harris is generally regarded as the better performer, Matrixport believes that no matter who wins the election, the rise of Bitcoin is inevitable:
Although everyone is paying attention to the impact of the new US president on Bitcoin, the actual impact may be more reflected in the regulation of the Bitcoin ecosystem rather than Bitcoin itself. Cryptocurrencies have experienced strong gains under both Republican (2016-2020) and Democratic (2020-2024) administrations. So while the media is buzzing about the upcoming election, Bitcoin is likely to remain positive no matter who wins the White House.
#Matrixport Today – Sep 11: #Bitcoin‘s Future Unlikely to Be Swayed by U.S. Electio#Crypto#cryptomarket#MarketTrends#BTC#investing#Election2024 pic.twitter.com/Unsvqztv0r
— Matrixport Official English (the only official X) (@Matrixport_EN) September 11, 2024
This article analysis: BTC strong hands are taking over weak positions, and the US election will not affect the rise of Bitcoin. First appeared on Chain News ABMedia.
