CryptoQuant data shows that the 30-day change in bitcoin short-term holders (STH) supply 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 its current price range. The data shows that bitcoin supply is shifting towards long-term holders (LTHs), i.e. addresses that have been held for more than 155 days. Although long-term holders accumulating bitcoin is a prerequisite for price appreciation, Moreno stres...
CryptoQuant analysis points out that Bitcoin is back on the average cost basis for short-term holders. "Since 2023, Bitcoin has twice reclaimed the realized price for short-term holders, each time generating a profit of at least 30%."
According to Glassnode data, since the 2024 halving, bitcoin short-term holders have seen a significant decrease in transfers to exchanges when they lose money. At the beginning of 2024, this transfer volume peaked at 90,000 BTC, but stabilized below 30,000 BTC after the April halving. Historical data shows that bitcoin short-term holders tend to increase transfer activity during major price declines, reflecting panic selling. The 2018 bear market and the COVID-19 crash in March 2020...