OWNERSHIP

Who Actually Holds Bitcoin

Most investors study price.
Very few study ownership.

Price moves when coins change hands.

Ownership determines
who can sell…
and who won’t.

Ownership reveals
where Bitcoin is moving…

and whether supply is weakening
or strengthening.

Supply sets the structure.
Liquidity provides the fuel.

Ownership shows the direction.

Ownership Reveals Intent

Bitcoin does not move because coins exist.

It moves because coins change owners.

Ownership strengthens when:

• Long-term holders accumulate
• Institutions add positions
• Coins move into cold storage
• Exchange balances fall
• Strong hands replace weak hands

Ownership weakens when:

• Long-term holders distribute
• Coins move onto exchanges
• Leverage increases
• Speculation dominates
• Strong hands become sellers

Ownership is where
supply becomes behavior.

Bitcoin can only be understood by studying four forces:

Supply – The structural side of Bitcoin
Liquidity – The energy behind price moves
Ownership – Who holds Bitcoin
Market State – The overall environment

Together, they explain Bitcoin beyond the four-year cycle.