Kraken Report: Bitcoin Miners Continue to Hold on to Their Bitcoin Holdings

On October 31, Kraken recently released a report called "Shocktober" stating that BTC's 1-year recovery supply provides a detailed view of the supply activity of long-term holders.

This metric shows the number of coins that became active after being dormant over a specified time frame. From the fourth quarter of 2020 to the first half of 2021, a small amount of Bitcoin reentered circulation.

BTC’s HODL Waves indicator reflects the percentage of BTC’s circulating supply that has not moved in a specific period of time. The data shows that long-term holders did not sell during the weakness in September, nor did they sell during the strength in October.