Bitcoin’s (BTC) “strongest hands” are aggressively consuming its non-exchange supply. According to on-chain data, their dominance sets a new historic high.
Passionate holders control 81 percent of non-exchange Bitcoins (BTC).
Long-term Bitcoin (BTC) holders have set a new record in terms of “sovereign supply,” according to data from leading on-chain analytics tool Glassnode.
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 Glassnode’s lead analyst, a crypto expert and podcaster known on Twitter as _Checkmatey_.
It refers to the total supply of Bitcoins (BTC) held outside of centralized exchanges. Long-term holders control nearly 81 percent of BTC’s sovereign supply in Q4 2021.
According to the graph, long-term Bitcoin (BTC) holders aggressively accumulated Bitcoins in Q2-Q3, 2021. (BTC). The rise in their share is perfectly correlated with the decline in Bitcoin holdings by short-term investors.
Accumulation is in the works.
As previously reported by ULTCOIN365, on-chain data analysts are witnessing a robust accumulation trend demonstrated by large-scale and long-term holders.
The most recent round of accumulation began in mid-September. This wave may have prevented the Bitcoin (BTC) price from falling further.
Furthermore, Bitcoin (BTC) price movement has shown strong evidence of a Wyckoff accumulation wave since mid-May.
