A record high in long-term holder supply typically signals conviction. CryptoQuant says it reflects a shortage of new buyers, a view echoed by weakening ETF demand and bearish prediction market odds.

CryptoQuant’s 30-day apparent demand indicator is negative, signaling that buyers aren’t absorbing the available supply and leaving the market vulnerable.

A record high in long-term holder supply typically signals conviction. CryptoQuant says it reflects a shortage of new buyers, a view echoed by weakening ETF demand and bearish…