TechFlow news, September 19 — According to The Block, CryptoQuant data shows that the 30-day change in Bitcoin's short-term holder (STH) supply has dropped to its lowest level since 2012. Julio Moreno, research head at CryptoQuant, said this may limit Bitcoin’s ability to break out of its current price range.
The data indicates that Bitcoin supply is shifting toward long-term holders (LTH)—addresses holding for more than 155 days. While accumulation by long-term holders is a prerequisite for price appreciation, Moreno emphasized that Bitcoin still requires new demand from short-term holders to sustain upward price momentum. Moreno added, “We have not yet seen significant new demand emerging from short-term holders.”
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