CryptoQuant data shows that the 30-day change in bitcoin short-term holders (STH) supply has fallen to its lowest level since 2012. Julio Moreno, head of research at CryptoQuant, said this may limit bitcoin's ability to break out of its current price range. The data shows that bitcoin supply is shifting to long-term holders (LTHs), addresses that have been held for more than 155 days. While the accumulation of bitcoin by long-term holders is a prerequisite for price appreciation, Moreno stressed that bitcoin still needs new demand from short-term holders to maintain the price increase. Moreno added, "There is still no significant new demand from short-term holders."