Main navigation

Bitcoin (BTC) "Diamond Hands" Control Largest Share of Sovereign BTC Supply in History

News
Wed, 10/06/2021 - 11:01
article image
Vladislav Sopov
Aggressive holders of king crypto accomplished another milestone, Glassnode data says
Bitcoin (BTC) "Diamond Hands" Control Largest Share of Sovereign BTC Supply in History
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Bitcoin's (BTC) "strongest hands" are eating out of its non-exchange supply aggressively. Their domination prints a new historic high, on-chain data says.

81% of non-exchange Bitcoins (BTC) controlled by passionate holders

According to data by leading on-chain analytics tool Glassnode, long-term holders of flagship cryptocurrency Bitcoin (BTC) have reached a new record in terms of "sovereign supply."

"Sovereign supply" is an on-chain metric introduced by the lead analyst of Glassnode, a crypto expert and podcaster who goes by _Checkmatey_ on Twitter.

It refers to the total supply of Bitcoins (BTC) that are stored out of centralized exchanges. In Q4, 2021, long-term holders are responsible for almost 81% of BTC's sovereign supply.

Related
BREAKING: Bitcoin Reclaims $50,000 for the First Time Since Early September as Traders Turn Greedy

According to the chart, in Q2-Q3, 2021, Bitcoin (BTC) long-term holders aggressively accumulated Bitcoins (BTC). The increase in their share perfectly correlates with the decrease of Bitcoin's holdings by short-term holders.

Accumulation is in the making

As covered by U.Today previously, on-chain data analysts witness a robust accumulation trend demonstrated by large-scale and long-term holders.

The latest wave of accumulation began in mid-September. It is this wave that might have saved the Bitcoin (BTC) price from expanding its dropdown.

Related
Another 60% Growth on Bitcoin Is Possible in the New Accumulation Period Initiated by Whales

Also, since mid-May, Bitcoin (BTC) price movement demonstrated strong evidence of a Wyckoff accumulation wave.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)