Kaspa supply structure has undergone a major shift since the end of May. Back then, long-term and short-term supply were roughly balanced at 50/50. Since then, the trend has been remarkably consistent: 📉 Short-term supply: ~50% → 32% 📈 Long-term supply: ~50% → 67% That represents a significant transfer of $KAS from short-term holders into longer-term hands. In other words, coins that were previously part of the actively traded supply are increasingly moving into wallets with much longer holding periods. The important part isn't just the current 67% long-term supply, it's the direction of the trend. Over the past few months, the market has seen a steady decline in short-term supply while long-term supply continues to expand. Less KAS in short-term hands. More KAS being held for the long term. #KAS #Kaspa