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

Wed, 10/06/2021 - 11:01
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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
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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.

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.

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.

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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 (, Monoreto, Attic Lab etc.)