Bitcoin remains one of the lowest-velocity major assets, with over 61% of supply held dormant for more than a year. Ethereum, by contrast, rotates supply at roughly twice Bitcoin’s rate, reflecting a more active capital base. At the same time, exchange balances for both assets continue to contract, giving way to growing ETF holdings and institutional custody. In our latest collaborative analysis with Keyrock, we unpack these shifts, examining how BTC and ETH are used today — and what that implies about their roles in the digital asset economy. Grounded in on-chain data, the report assesses where each asset sits on ... (full story)