Recent data shows a significant reduction in short-term Bitcoin holders and a slowdown in demand for the cryptocurrency.
Decrease in the Number of Bitcoin Short-Term Holders
According to recent data from CryptoQuant, the number of Bitcoins held by short-term holders has fallen by 0.8 million since May 27, now standing at 4.5 million BTC. This decline is noted as one of the most significant in recent months.
Bitcoin Price Remains Steady Amid Demand Weakness
At the time of writing, the price of Bitcoin is $106,419, reflecting a 1.41% increase over the past 24 hours. However, despite price stability, underlying blockchain metrics indicate a slowdown in new capital inflow. Over the last 30 days, apparent demand grew by 118,000 BTC, down significantly from peak values.
Slowing Institutional Buying Interest
Data also indicates a slowdown in large-scale purchases. Whale balances increased at a month-over-month rate of just 1.7%, down from 3.9% in late May. There has also been a marked reduction in Bitcoin ETF activity, now purchasing only 3,300 BTC daily, significantly down from 9,700 BTC in April.
The current situation in the Bitcoin market shows a decline in the number of short-term holders and overall demand, which may indicate potential challenges ahead for price growth.
