Bitcoin Short-Term Holders Gain Share as Spot Demand Remains Weak

Bitcoin (BTC) traded near $82,000 on Oct. 19 as on-chain capital-flow measures pointed to a rising share of supply among short-term holders, while fresh spot demand remained weak.

The ratio of short-term to long-term holder supply increased, indicating that capital had shifted toward people who had held bitcoin for less time. That change does not establish whether they were first-time owners.

Selling pressure from early October had eased, and Bitcoin had spent the preceding week trading quietly within a range. The steadier price had not been accompanied by a clear return of spot buying.

U.S. spot bitcoin exchange-traded funds recorded roughly $230 million in net outflows for the week. On-chain transfer volume and transaction fees each fell by about 10%, showing softer network activity even as the mix of holders changed.