Quick Take
- The metric supply of the last active 10+ years ago Bitcoin holders suggests that these holders have been holding onto BTC since 2013.
- This cohort currently holds over 2.63 million BTC, growing exponentially.
- On the other hand, exchanges hold roughly 2.26 million BTC, which has decreased exponentially since 2020.
- The cross-over occurred in Q4 of last year, in October, a trend that we expect to continue.
- This suggests that ancient holders continue to hold their Bitcoin while coins are drained from exchanges.
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