$BTC supply distribution by halving epoch is wild when you see it laid out:

Epoch 0: 2.41M

Epoch 1: 1.14M

Epoch 2: 2.09M

Epoch 3: 3.93M

Epoch 4: 10.48M

Notice how Epoch 4 holders are sitting on over half the circulating supply. That's your 2020-2024 cohort - the ones who bought the COVID dip through the ETF pump.

Earlier epochs? Diamond hands or lost keys. Either way, that supply isn't moving.

The longer you zoom out, the clearer it gets: accumulation phases matter more than you think. Most of the liquid supply came in during the last cycle.

Data snapshot from June 2025. Keep this in mind next time someone talks about 'weak hands' - the question is which epoch are they from? 📊