Long-term holders hit a new high, but new demand can't keep up. To put it simply, old chips are lying flat, and new blood isn't coming in. Structural weakness is more painful than surface data suggests.

CryptoQuant states that the upward trend of large Bitcoin holding addresses has significantly slowed down, reflecting a continued weakening of market structural demand. Among them, the balance of whale addresses holding 1,000 to 10,000 BTC has contracted at the fastest rate this year, approaching the bear market levels of 2022; addresses holding 100 to 1,000 BTC are still showing positive growth, but their growth rate has clearly fallen below trend levels. The report also points out that the supply held by long-term holders has risen to a record high of 15.8 million BTC, but this more reflects a lack of new demand rather than a new signal of increased holdings. (The Block)