I have tracked the on-chain data of @SignOfficial Sign for nearly 45 days and discovered a heartbreaking fact: the verification volume of the sovereign chain is steadily increasing, but large holders are quietly retreating. This divergence makes me more cautious about the short-term trend.
I have compiled the changes of the top 50 non-exchange holding addresses, which have cumulatively reduced their holdings by about 132 million SIGN since mid-March, accounting for 11% of the circulating supply, with three early private placement addresses reducing their holdings by over 40%. Meanwhile, the daily average verification volume of the UAE sovereign chain has increased from 61,000 to 105,000, indicating that the genuine demand in government scenarios is indeed rising.
Xin Yan mentioned at the recent offline salon in Dubai that "institutions are optimistic about the long-term value of sovereign infrastructure," but on-chain data shows that large holders are reducing their holdings at high prices. I reviewed the unlocking rules in the white paper, and among the first batch of investors' shares unlocked in August, these addresses are all on the list, likely cashing out some profits in advance. #BTC
What troubles me even more is that the team has been promoting compliance in government business but has yet to implement the token staking consumption mechanism. The "cross-chain fuel" written in the white paper remains an empty statement. The growth of the business and the reduction of holdings by large holders create a hedge, causing the token price to fluctuate within a range. $BTC
I believe that in the short term, we cannot only look at the positive business news; $SIGN the loosening of large holders' chips is a real pressure. I am currently watching two signals: first, whether the top 50 holding addresses will stop continuous reductions, and second, whether the official will announce a specific plan linking tokens to the verification of the sovereign chain. Without a token closed loop and stable chips, even the most solid business will struggle to drive price breakthroughs.
