According to BlockBeats, data from CryptoQuant reveals that the 30-day increment of Bitcoin short-term holders (STH) has dropped to its lowest level since 2012. Julio Moreno, CryptoQuant's head of research, indicated that this decline might hinder Bitcoin's ability to break through its current price range.
The data shows a shift in Bitcoin supply towards long-term holders (LTH), defined as addresses holding Bitcoin 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 requires new demand from short-term holders to sustain price increases. Moreno added, 'Currently, there is no significant new demand from short-term holders.'
