CryptoQuant: BTC Short-Term Holder Supply Decline May Hinder Price Breakout
CryptoQuant data shows that the 30-day change in the supply of short-term holders (STH) of bitcoin has fallen to its lowest level since 2012, which could limit bitcoin's ability to break out of its current price range, according to CryptoQuant's head of research Julio Moreno, The Block reports.
The data shows that bitcoin supply is shifting toward long-term holders (LTH), 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 keep the price moving up, adding, “We have not seen significant new demand from short-term holders yet.
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