Bitcoin's On-Chain Structure Shows Signs of Improvement, but Demand Remains Low

Bitcoin's on-chain structure is showing signs of improvement after a prolonged bear market, but analysts warn that demand is still lacking for a meaningful recovery.

A recent analysis by Axel Adler Jr. suggests that Bitcoin is steadily moving out of speculative hands and into long-term holders, reducing the actively traded supply.

Short-term holder (STH) supply has hit a multi-year low at 23.5%, down from 27% one month ago and 40% three months ago, which is lower than roughly 96% of Bitcoin's historical trading history.