Most people focus on Bitcoin's price.

I pay more attention to its supply.

The latest data shows an increasing share of BTC is being held for years, while the amount of freely circulating supply continues to shrink.

That's an important shift.

In previous cycles, rising prices encouraged holders to sell.

Today, more holders seem willing to sit through volatility and hold for the long term.

The result?

More demand is competing for fewer available coins.

Bitcoin's supply is fixed at 21 million.

That's why long-term holder behavior may be one of the most important metrics to watch this cycle. $BTC