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."
1/2 #Bitcoin Long-Term Holders now own the highest % of Sovereign Supply in history: 80.9%.
Sovereign Supply is the total supply NOT on exchanges.
The name is @_Checkmatey_'s brainchild and I think it's perfect. What better term to describe self custody than sovereignty? pic.twitter.com/0jHmceW7Ju— TXMC (@TXMCtrades) October 6, 2021
"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.
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.
Also, since mid-May, Bitcoin (BTC) price movement demonstrated strong evidence of a Wyckoff accumulation wave.