Bitcoin Long-Term Holders and Short-Term Holder Supply
How much bitcoin sits in coins unmoved for at least 155 days, how much moved recently and how many long-held coins are spent each day.
BitcoinReport · FolioPlanned
Bitcoin On-Chain Monthly Review: Holders, Flows and Fees
What did Bitcoin's on-chain data show this month?
A dated monthly review of Bitcoin's chain: long-held coins, exchange and fund flows, fees, block space and wrapped BTC on other chains.
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Blueprint
What the report will cover.
The report as it will open in Folio. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
A monthly edition, dated and cited
Bitcoin On-Chain Monthly Review: Holders, Flows and Fees
The month in one paragraph
What holders, exchanges, funds and fees did this month, and the move that stood out most.
- Bitcoin issued this month
- Change in long-term holder supply
- Change in exchange reserves
- Fees paid
Who held and who spent
Supply by coin age at month end, long-held coins that moved and the dormant coins revived during the month.
- Long-term holder supply at month end
- Coins over a year old that moved
- Dormant coins revived
Exchanges, funds and treasuries
Bitcoin on labelled exchanges, spot fund holdings and company purchases over the month, each with its source.
- Exchange reserves at month end
- Change in spot fund holdings
- Bitcoin bought by listed companies
Block space and fees
Transactions, fees and how much block space went to inscriptions, runes and ordinary payments.
- Transactions this month
- Average fee per transaction
- Share of block space used by inscriptions and runes
Bitcoin on other chains
Wrapped bitcoin supply on Ethereum, Base and other covered chains at month end, token by token.
- Wrapped BTC supply by token
- Change in wrapped BTC over the month
Definitions and receipts
Which blocks the month covers, how each figure is computed and which figures are reported rather than read.
About
What it answers, and for whom.
Each edition reads one calendar month of Bitcoin's chain and asks what holders did: whether long-held coins moved, whether coins left or entered exchanges, how much the funds and companies holding bitcoin added, what users paid for block space and how wrapped bitcoin on other chains changed. Every figure is pinned to a block in the month.
It is meant to be read quickly and checked easily. Chain reads, such as supply by coin age and exchange balances, sit apart from reported figures, such as fund holdings from issuer files, and each section says which kind it uses. The definitions stay fixed between editions, so a change from one month to the next is a change in the data.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Holder figures come from the UTXO set at the month's first and last blocks: supply by coin age, long-term holder supply and old coins spent during the month.
- Exchange balances are the unspent outputs of labelled exchange addresses at month end, compared with the month's first block.
- Fund and company holdings are issuer-reported and labelled as reported; they are matched to disclosed custody addresses where those exist.
- Wrapped bitcoin is the totalSupply() of each wrapped BTC token on covered EVM chains at the month's last block, never added to Bitcoin's own supply.
The data it needs
Chain data, with some off-chain sources
- bitcoin_supply_dailyTo buildBitcoin supply and holding ageBitcoin issued, supply by coin age band and by output script type (including coins whose public keys are already exposed), supply last moved long ago, and cost-basis measures.
- bitcoin_network_dailyTo buildBitcoin network by dayBlocks, hashrate implied by difficulty, difficulty, fees, transaction counts, block weight and miner revenue (subsidy plus fees) per day.
- exchange_balances_dailyTo buildExchange wallet balancesBalances held in labelled exchange wallets per asset, chain and exchange at day end, and net flows in and out.
- etf_holdings_dailyTo buildSpot ETF holdingsHoldings and daily flows of spot crypto ETFs per fund, from issuer-published holdings, matched to custody addresses where they are disclosed.
- token_supply_dailyTo buildToken supply by dayTotal supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- bitcoin_inscriptions_dailyTo buildOrdinals, runes and BRC-20Inscriptions, rune etchings and mints, BRC-20 transfers, and the fees they paid per day.
- Bitcoin UTXO set at the month's first and last blocks, by coin age
- Every block of the month: transactions, fees and weight
- Labelled exchange addresses and their unspent outputs at month end
- Spot fund holdings from issuer files, matched to disclosed custody addresses
- totalSupply() of wrapped BTC tokens on Ethereum, Base and other covered chains
Questions
Questions people ask.
What does on-chain analysis of Bitcoin measure?
What the public ledger shows: how much bitcoin moved, how old the coins were, how much sits on exchanges and what users paid in fees. It cannot see who owns an address unless a source labels it, so the report says where every label comes from.
Why separate reported figures from chain reads?
Fund and company holdings are published by issuers and only sometimes matched to addresses, while supply, fees and balances are read from blocks. Keeping them apart lets a reader see which numbers can be re-checked from the chain alone.
How is long-term holder supply defined?
Bitcoin in outputs unmoved for at least 155 days at the month's last block. The threshold stays fixed between editions so that months can be compared.
Why include wrapped bitcoin?
Part of bitcoin's use happens on other chains, through tokens such as WBTC and cbBTC backed by bitcoin held elsewhere. Their supply is shown on its own and never added to Bitcoin's supply, which would count the same coins twice.
- Long-term holder supply
- Bitcoin in outputs that have not moved for at least 155 days.
- Exchange reserve
- Bitcoin held in addresses labelled as belonging to an exchange.
- Dormant coins
- Bitcoin in outputs that went unspent for years before moving, counted when they move.
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