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CryptoQuant: New demand for BTC has contracted, and long-term holders' sell-offs have not been absorbed by the market.
BlockBeats News, November 7 — CryptoQuant research director Julio Moreno published an analysis on how long-term Bitcoin holders (LTH) are selling differently this time. He stated that it is normal for Bitcoin long-term holders to sell during a bull market. When prices hit new highs, long-term holders typically take profits. The key question is whether Bitcoin demand is increasing enough to absorb the higher-priced sell-offs. For example, from January to March 2024 and November to December, as demand (green area) grew, long-term holder sales increased in tandem, reaching new all-time high prices. However, since October this year, long-term holder sales have increased, but new demand has been shrinking (red area), making it difficult to absorb the supply at higher prices.