CryptoQuant: Lack of new demand from short-term Bitcoin holders may be a barrier to price breakthrough

CryptoQuant data shows that the 30-day increase in Bitcoin short-term holders (STH) has fallen to its lowest level since 2012. Julio Moreno, head of research at CryptoQuant, said this may limit Bitcoin's ability to break out of the current price range. Data shows that Bitcoin supply is shifting to long-term holders (LTH), that is, addresses that hold for more than 155 days. Although long-term holders accumulating Bitcoin is a prerequisite for price appreciation, Moreno emphasized that Bitcoin still needs new demand from short-term holders to maintain price increases. Historically, Bitcoin prices have risen to new highs because new holders bought Bitcoin from long-term holders, pushing up prices in the process. Although long-term holders accumulating Bitcoin seems to be a prerequisite for further price increases, the reality is that Bitcoin needs new demand from short-term holders to maintain price increases. (The Block)