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Bitcoin bull run traced to ‘smart money’ as 40% of total supply held for over three years
The open secret to Bitcoin's success may be that that up to 40% of its supply has been locked down by 'smart money.'
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
The onset of the massive Bitcoin bull run can be traced back to September 2020, a period marked by significant price accumulation followed by a monumental ascent from $10k to $60k. The data uncovers notable trends within the Bitcoin supply dynamics. Particularly, the supply that has been held for over three years has reached an unprecedented pinnacle, accounting for a substantial 40% of the total supply.
This is suggestive of a parabolic run, which is often indicative of movements by the so-called “smart money.” These long-term holders, seemingly equipped with foresight, may have anticipated the global expansion of central bank balance sheets, stimulus measures, and the implications of COVID-19 lockdowns on asset prices.
Market Cap $1.63T
24H Volume $43.85B
