Bitcoin HHI Hits Highest Level Since December 2021
AI Market Summary
Bitcoin's Herfindahl-Hirschman Index (HHI) rising to its highest since Dec 2021 signals increasing supply concentration and an aging coin distribution. A larger share of BTC is held 6–12 months while mid-term holders (3–6 months) have fallen, and over 80% of supply has been dormant for 6+ months. This can tighten liquid supply and raise sensitivity to large-holder flows in the short term.
Impact level
● Medium
Affected assets
BTC/USDT+1.49%
AI Insight · BTC/USDTAI Insight
● Neutral
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CryptoQuant analyst Axel Adler Jr. reported that Bitcoin's Herfindahl-Hirschman Index (HHI) stood at 1,116.1 as of July 21, marking its highest reading since December 2021. The index has climbed 5.5% over the past 90 days and 10.1% over the past 180 days.
Coin age data points to a shift toward longer holding periods. The share of coins held for 6–12 months rose from 12.9% to 19.3%, while the 3–6 month cohort fell from 14.3% to 6.3%. Coins held for more than 10 years make up 17.7% of total supply.
Overall, 81.6% of circulating Bitcoin has not moved in more than six months, and 62.3% has remained inactive for over a year.
