Aggressive holders of king crypto accomplished another milestone, Glassnode data says
Bitcoin’s (BTC) “strongest hands” aggressively consume its supply without trading. Their domination prints a new historic high, on-chain data says.
81% of No-Exchange Bitcoin (BTC) Controlled by Passionate Holders
According to data from leading on-chain analysis tool Glassnode, long-term holders of the 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 outside of centralized exchanges. In Q4, 2021, long-term holders are responsible for almost 81% of BTC’s sovereign supply.
According to the chart, during the second quarter to the third quarter of 2021, long-term holders of Bitcoin (BTC) aggressively accumulated Bitcoins (BTC). The increase in their share perfectly correlates with the decrease of Bitcoin’s holdings by short-term holders.
Accumulation is on the move
As covered by U.Today previously, on-chain data analysts are witnessing a robust accumulation trend demonstrated by large-scale and long-term holders.
The latest wave of accumulation began in mid-September. It was this wave that could have prevented the price of Bitcoin (BTC) from expanding its drop-down list.
Also, since mid-May, Bitcoin (BTC) price movement demonstrated strong evidence of a Wyckoff accumulation wave.
