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CryptoQuant: New demand for BTC is shrinking, and the dumping by long-term holders has not been absorbed by the market.
On November 7, Julio Moreno, the research director at CryptoQuant, published an analysis of how this Bitcoin long-term holder (LTH) selling is different. He stated that it is normal for Bitcoin long-term holders to sell during a bull run. When prices hit new highs, long-term holders typically take profits. The key is whether the demand for Bitcoin is on the rise and if it can absorb the selling at higher prices. For example, from January to March and from November to December 2024, as demand increased (green area), the selling by long-term holders also rose, and prices reached new historical highs. However, since October this year, the selling by long-term holders has increased, but the new demand has been shrinking (red area), which cannot absorb the supply at higher prices.