Latest data from CryptoQuant, a on-chain analytics firm, notes that a notable shift has been occurring in Bitcoin ownership dynamics; since late May, wallets associated with short-term holders (STHs) have experienced a sharp decline.
Source: CryptoQuant
As of June 19, 2025, these wallets collectively hold around 4.5 million BTC, down from 5.3 million BTC on May 27. This indicates a reduction of 800,000 BTC or around 15.1% in under a month.
This decline in STHs not only indicates numerical decline but also a potential indicator of shifting market sentiments. In bullish phases of the crypto market, this group usually expands rapidly.
On the other hand, if the STHs continue to decline without a corresponding increased LTH supply, it could raise concerns about weakening demand and border market hesitancy.
In its X post dated June 20, 2025, CryptoQuant notes that ‘New money is drying up in Bitcoin,’ and ‘ Demand momentum sinks to –2M BTC, the worst on record.’
New money is drying up in Bitcoin.Short-term holders now hold 4.5M BTC, down 0.8M since 27 May.Demand momentum sinks to –2M BTC, the worst on record. pic.twitter.com/ollWBXHdll
— CryptoQuant.com (@cryptoquant_com) June 20, 2025
The demand for Bitcoin is slowing down globally
As per the CryptoQuant report, the recent decline in short-term BTC holdings isn’t an isolated event; it’s a part of a broader slowdown in market demand. It has highlighted that the demand momentum has dropped by roughly 2 million BTC, marking the lowest level ever recorded.
While BTC buying hasn’t stopped completely, it is happening at a much slower rate; in the past 30 days, the net demand for Bitcoin grew by just 118,000 BTC, a sharp decline from the 228,000 BTC increase seen at the end of May.
What’s particularly notable is that this decline spans both retail and institutional segments; on one side, everyday investors appear to be stepping back, possibly due to market uncertainty, declining hype, or a lack of a short-term price catalyst.
Even whale wallets holding massive BTC have started easing their buying pace; their monthly accumulation rate fell from 3.9% to just 1.7%, clearly indicating a sentiment shift among large-scale investors.
A quick overview of Bitcoin prices
As of writing, BTC was exchanging hands at $105,979 with an increase of 1.04% in the past 24 hours; at the same time, its market cap grew by 1.10%, reaching 2.1 trillion.
Bitcoin is still trading above its 20, 50, 100, and 200-day exponential moving averages, and in the year-to-date time frame, it is up by 13.23%.
In the monthly time frame, the identified resistances of Bitcoin are $123,296 and $149,959; in the same frame, its supports are $53,498 and $37,026.
The weekly resistance of BTC is $124,892 and $151,555.20, and support levels are $55,094 and $38,622. The current market dominance of BTC is 64.97%, which is up by 1.03% in a week and 11.85% YTD.
