Bitcoin Supply Distribution Shows Growth in Long-Term Holders
Glassnode’s HODL Waves illustrate the distribution of bitcoin supply across various age bands. Recent discussions on bitcoin's price decline have cited sales by long-term holders, particularly following significant transactions like Galaxy's 80,000 BTC sale.
Key observations include:
- Coins held for 7 to 10 years now represent over 8.1% of total supply, the highest since 2019.
- The cohort holding bitcoin for over 10 years controls about 17% of supply, with increasing ownership over time.
- The 5 to 7 year holder group has decreased from 10% to 5% of the supply since early 2023, indicating steady distribution of these coins.
This data suggests that while some older coins are sold, the narrative of extensive selling by long-term holders may be exaggerated. Older cohorts continue to grow their share of supply despite some mid-term holders taking profits.