BlockBeats reported that on September 19, TheBlock reported that CryptoQuant data showed that the 30-day increment of Bitcoin short-term holders (STH) has dropped to the 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 still haven’t seen significant new demand from short-term holders.”
