$BTC supply distribution by halving epoch is wild when you look at it:
Epoch 0: 2.40M
Epoch 1: 1.12M
Epoch 2: 1.99M
Epoch 3: 3.63M
Epoch 4: 10.94M
Over half the supply (10.94M) still sitting in Epoch 4 wallets. Early adopters from 2009-2012 hold 2.40M but most of that is likely lost forever.
The real question: how much of Epoch 3-4 supply is actually liquid? Most of it hasn't moved in years. Supply shock mechanics are still underpriced heading into the next cycle.
Epoch 0: 2.40M
Epoch 1: 1.12M
Epoch 2: 1.99M
Epoch 3: 3.63M
Epoch 4: 10.94M
Over half the supply (10.94M) still sitting in Epoch 4 wallets. Early adopters from 2009-2012 hold 2.40M but most of that is likely lost forever.
The real question: how much of Epoch 3-4 supply is actually liquid? Most of it hasn't moved in years. Supply shock mechanics are still underpriced heading into the next cycle.
