The sovereign supply of bitcoin reached an all-time high this year-end, according to data from Glassnode. The indicator represents the number of bitcoins held outside exchanges, reflecting the percentage of long-term investors.
Over 2021, long-term investors added 1,846M BTC to their wallets, reaching 13.33M BTC, equivalent to 74.8% of the sovereign supply.
Meanwhile, the position of short-term speculators decreased from 28% in January 2021 to 25.2% in December.
These indicators suggest that 2021 was a year of consolidation, with long-term investors increasing their positions and short-term speculators taking profits.
