According to analysts from CryptoQuant, a blockchain data analysis company, the amount of Bitcoin held by short-term holders has been decreasing since late May, indicating that demand is weakening.

CryptoQuant research leader Julio Moreno stated in an interview with The Block that "the lack of accumulation among short-term holders may indicate weak demand for Bitcoin." He added that in the face of this surrender from short-term holders, long-term holders are accumulating Bitcoin.

Moreno stated that if demand for Bitcoin grows again, this dynamic could lead to the opposite situation, causing short-term holders to buy from long-term holders. CryptoQuant analysts further emphasized some charts showing significant changes in Bitcoin holdings dynamics, which showed that short-term holders (addresses with holding days less than 155 days) significantly reduced their positions, especially throughout July and August.

The certified author IT Tech on the CryptoQuant platform stated that this dynamic may lead to a price increase and market stability for Bitcoin in the medium term. Long term holders' increase in holdings may stabilize prices and prepare for potential market rebounds, while short-term holders' selling may cause short-term downward pressure on Bitcoin prices.

IT Tech stated that the data shows a clear flow of funds from weak hands (short-term holders) to strong hands (long-term holders), indicating market consolidation that may affect future price trends.

A chart mentioned by IT Tech shows that many short-term investors have exited the market in the past two weeks, some taking profits and some experiencing losses. According to IT Tech, the red area on the net portion map of short-term holders of CryptoQuant indicates that these investor groups have "become less confident due to market volatility and are attempting to mitigate risk".

In contrast, IT Tech has observed an increase in the net position of long-term Bitcoin holders, and they see this dynamic as an opportunity for growth, "possibly indicating that long-term investors view current price levels as cumulative opportunities in their expectations for future growth.