Following a major exchange's recent data migration, Short-Term Holder supply currently sits at roughly 5.4M BTC. Here's the interesting part: a significant portion of this isn't your average retail trader. We're talking corporate balance sheets and ETF allocations eating up a decent chunk. The remaining supply? That's in the hands of real-economy participants who are actively creating sustained buy-side pressure. This shift in holder composition tells us something important about where market demand is actually coming from these days.