CryptoQuant’s research head has pointed out how demand to absorb Bitcoin at higher prices has been low recently, potentially explaining the asset’s decline.
Bitcoin Apparent Demand Metric Has Turned Red Recently
In a new post on X, Julio Moreno, head of research at on-chain analytics firm CryptoQuant, has looked at recent BTC market dynamics from a different angle. “Instead of looking at Bitcoin long-term holder distribution/spending, I like to look at the other side of the trade,” noted Moreno.
Long-term holders here refer to the BTC investors who have been holding onto their coins for a period longer than 155 days. This cohort is considered to include the high-conviction “HODLers” of the market, so distribution from them is often something on-chain analysts watch out for.
As CryptoQuant community analyst Maartunn has highlighted in a separate X post, Bitcoin long-term holders have participated in a significant amount of selling during the past month.
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