BlockBeats news, on September 19, according to TheBlock, CryptoQuant data showed that the 30-day increase in Bitcoin short-term holders (STH) has dropped to the lowest level since 2012. Julio Moreno, director of research at CryptoQuant, said this may be limiting Bitcoin’s ability to break out of its 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 that we still haven't seen significant new demand from short-term holders.