Axel Adler Jr.: Long-term holders have accumulated 371,000 BTC, supply is tightening but demand is lacking

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin long-term holders have seen a net increase of approximately 371,000 BTC over the past 30 days, bringing the total holdings to 16.34 million. The accumulation trend has remained positive for 186 consecutive days. The current CDD indicator stands at 313 million, significantly lower than 899 million a year ago. Over the past year, the price of Bitcoin has dropped from $118,600 to $63,800. Axel Adler Jr. pointed out that a reduction in supply does not directly drive the price up; price increases require buying demand.