CHAPTER 03 // COLD STORAGE SIGNAL
PAGE 017
Conviction shows up as coins that refuse to move.
LONG-TERM HOLDER SUPPLY // PERCENT INACTIVE 12M+
Annual close cohort, circulating supply basis
+12.1 PTS SINCE 2020
70%
60%
50%
58.3%
2020
60.9%
2021
63.7%
2022
68.2%
2023
70.4%
2024
70.4%
SUPPLY HELD QUIET
THROUGH A FULL YEAR