Over two-thirds of Kaspa’s circulating supply hasn’t moved in more than three months, hitting a new record for long-term holding. According to Kaspa Report, who shared the update alongside a chart from Kaspa Analytics on X, a massive 67.17% of KAS is now sitting untouched. That’s sparked more conversation about Kaspa’s growing role as a digital store of value.
What’s interesting is that despite so many coins going inactive, Kaspa’s network activity hasn’t dropped. Kaspa Report pointed out that daily transaction numbers have stayed steady, and even ticked up a bit in the past month. So while more people are choosing to hold onto their KAS, the blockchain is still seeing regular use.
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KAS Steady Growth in Dormant Supply Since January
The Kaspa chart shows that inactive supply began increasing in late January 2025, starting from approximately 60%. The upward trajectory remained mostly consistent through February and March, with only a minor dip in mid-March. From that point onward, the supply percentage has steadily climbed, culminating at 67.17% by April 20.
This increase indicates a lower amount of KAS moving on-chain, which may influence the token’s available liquidity. The absence of large outflows or active transfers supports the view that many holders are choosing to retain their holdings rather than participate in short-term trades or sales.
Transaction Volume Remains Resilient Despite Higher Dormancy
Kaspa Report noted that transactional volume has not fallen in parallel with the rise in inactive supply. Instead, median daily transactions have seen a modest increase over the past month. This counters the common belief that higher savings behavior limits economic circulation on-chain.
Kaspa’s model, which positions it as efficient commodity money, appears to support consistent transactional use alongside accumulation. The dual pattern of saving and spending may suggest that users are utilizing Kaspa for both long-term holding and regular peer-to-peer activity.
Moreover, the growing inactive supply trend reflects changing user behavior, with holders possibly treating KAS more like a long-term asset. At the same time, sustained transaction activity implies the network is still serving everyday use cases.
The data and tweet suggest that Kaspa may be experiencing a transition toward a more balanced role between storage and exchange. No signs of network stagnation are evident despite the lower velocity of circulating supply.
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