Analyst: Bitcoin supply concentration index reaches 1116.1, hitting a new high since December 2021

According to monitoring by Axel Adler Jr, as of July 21, the Bitcoin supply concentration indicator, the Herfindahl-Hirschman Index (HHI), reached 1116.1, surpassing 89.6% of historical observations over the past decade. The index has risen by 5.5% in the last 90 days and accumulated an increase of 10.1% over the past 180 days.

The uniformity of Bitcoin distribution continues to decline, with coins concentrated among holders within specific holding periods. The upward trend is primarily driven by coins held for 6 to 12 months. Within 90 days, the proportion of coins held for 6 to 12 months increased from 12.9% to 19.3%, while the share held for 3 to 6 months decreased from 14.3% to 6.3%. Long-term holders holding for over a decade account for 17.7% of the total supply.

This shift represents the natural aging of coins, transitioning from the 3 to 6-month holding period to the 6 to 12-month period, rather than a new wave of large-scale accumulation. Currently, 81.6% of all Bitcoin has not moved for over six months, and 62.3% has remained idle for more than a year.