Glassnode data says aggressive crypto holders have achieved yet another feat
- 81% of non-exchange bitcoins (BTC) are controlled by passionate owners
- Accumulation in the process of forming
Bitcoin (BTC) ‘strongest hands’ are eating away at non-exchange supply aggressively. The serial data says that their dominance is printing a new historical level.
81% of non-exchange bitcoins (BTC) are controlled by passionate owners
According to data from leading cross-chain analytics tool Glassnode, long-term holders of the leading Bitcoin (BTC) cryptocurrency have reached a new “sovereign supply” record.
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 the exchanges.
– TXMC (TXMCtrades) October 6, 2021
“Sovereign Supply” is an on-chain metric presented by Principal Analyst Glassnode, a crypto expert and podcaster who goes to _Checkmatey_ on Twitter.
It refers to the total supply of Bitcoin (BTC) that is stored outside of central exchanges. In the fourth quarter of 2021, long-term contract holders will account for approximately 81% of the sovereign supply of Bitcoin.
According to the chart, in the second and third quarter of 2021, long-term Bitcoin (BTC) holders accumulated Bitcoin (BTC) aggressively. The increase in their stake is entirely related to the decrease in Bitcoin holdings by Bitcoin holders in the short term.
Accumulation in the process of forming
As previously covered by U.Today, on-chain data analysts are seeing a strong accumulation trend demonstrated by broad and long-term holders.
The latest buildup wave started in mid-September. This is the wave that may have saved the Bitcoin (BTC) price from expanding the drop down.
Also, since mid-May, Bitcoin (BTC) price action has shown strong evidence of a wave of Wyckoff accumulation.