New research from CryptoQuant, a crypto data analytics platform, shows that the number of short-term holders of bitcoin (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 demand for bitcoin remains weak. In contrast, long-term holders seem to be taking the opportunity to accumulate. Moreno added that if demand for bitcoin grows again, this dynamic could reverse, causing short-term holders to buy from long-term holders. CryptoQuant contributor IT Tech believes that this dynamic could lead to price appreciation and market stability in the medium term. Increased accumulation by long-term holders could lead to price stability and prepare for a potential rally in the market, while short-term holder selling could put downward pressure on the bitcoin price in the short term. IT Tech said that the data shows a clear flow of funds from disadvantaged groups (short-term holders) to strong groups (long-term holders), indicating market stability.