The latest research from crypto data analytics platform CryptoQuant shows that the number of bitcoin short-term holders (held for no more than 155 days) has continued to decline since the end of May, indicating that demand is weakening. Julio Moreno, head of research at CryptoQuant, pointed out that this phenomenon means that bitcoin demand remains weak. In contrast, long-term holders seem to be taking advantage of the opportunity to accumulate. Moreno added that if bitcoin demand grows again, this dynamic could reverse, causing short-term holders to buy from long-term holders.