According to Golden Finance, CryptoQuant data shows that the 30-day change in Bitcoin supply held by short-term holders (STHs) has fallen to its lowest level since 2012. Julio Moreno, head of research at CryptoQuant, says this could limit Bitcoin's ability to break through its current price range.

Data indicates that Bitcoin supply is shifting towards long-term holders (LTHs), addresses holding for over 155 days. While long-term holder accumulation is a prerequisite for price appreciation, Moreno emphasizes that Bitcoin still needs fresh demand from short-term holders to sustain price increases. Moreno adds, "We haven't yet seen significant fresh demand from short-term holders."