Bitcoin short-term holders’ holdings continue to increase. In my view, this isn’t necessarily a positive signal.

My understanding is that more and more coins are concentrated in the hands of short-term holders, suggesting that most people in the current market are more inclined to trade in the short term than to hold for the long term. Of course, holdings data alone isn’t enough to conclude that people have given up on long-term dollar-cost averaging.

But while short-term holders’ holdings are increasing, BTC’s price still can’t break through resistance above. This suggests that the new supply hasn’t yet driven the price meaningfully higher. If the market continues to weaken, some short-term holders may be unable to stomach their unrealized losses and choose to exit. If the price rebounds, they may also take the opportunity to sell, adding to overhead selling pressure.

Conversely, if short-term holders’ holdings continue to increase while BTC’s price steadily strengthens and repeatedly breaks through previous resistance levels, with the market gradually absorbing the new supply, that would be a positive signal.

So the key questions are how much short-term holders’ holdings have increased and whether the market can push the price higher after those coins enter the market. An increase in holdings is just an observation; whether the price can strengthen is the key test of buyers’ ability to absorb the additional supply.#每周来晒