Source: Cointelegraph
Original: “Bitcoin (BTC) Illiquid Supply Reaches 14 Million, Hodlers Set New Bull Market Record”
Key Points:
Bitcoin has seen the largest increase in illiquid supply over a 30-day period during the current bull market.
Illiquid supply has now reached 14 million Bitcoins, setting a new all-time high.
As prices return to six figures, large investors continue to accumulate.
Bitcoin investors are transforming the Bitcoin supply into the most illiquid state ever.
On-chain analysis platform Glassnode reports that Bitcoin's "illiquid supply" has reached a record 14 million.
Bitcoin is increasingly flowing into the hands of entities that do not sell their acquired assets.
Glassnode tracks the proportion of Bitcoin supply held by so-called "illiquid entities," and the data shows this figure has reached unprecedented levels in the current bull market.
An entity is considered illiquid when the ratio of Bitcoin inflows to outflows falls below a certain threshold.
"This ratio produces a value L between zero and one, with larger values indicating higher liquidity," the platform explains in its professional guide. "Thus, liquidity refers to the extent to which an entity spends its received assets. Illiquid entities are those that hoard coins in anticipation of long-term Bitcoin price appreciation."
Bitcoin Illiquid Supply. Source: Glassnode
This week, illiquid supply surpassed 14 million Bitcoins, with a rolling 30-day increase of 180,000 Bitcoins, the largest increase since December 2022.
At that time, the previous bear market was coming to an end, with BTC/USD dropping 77% in the process, hitting a low just above $15,000.
Bitcoin 30-day Illiquid Supply Changes. Source: Glassnode
As Cointelegraph has consistently reported, this bull market stands out in terms of investment trends due to increased institutional participation.
Corporate reserves, such as those from business intelligence firm Strategy, combined with the U.S. spot Bitcoin exchange-traded fund (ETF), have made Bitcoin a mainstream investment target.
On-chain data also shows that large Bitcoin investors have been accumulating during the recent BTC price rebound. Only retail investors seem to be exhibiting panic.
"Key large and medium Bitcoin investors (holding 10-10K BTC) have accumulated 83,105 Bitcoins in the past 30 days," research firm Santiment reported in a post on the X platform this week.
Bitcoin Large and Medium Investor Accumulation Data. Source: Santiment/X
Related: Arizona Governor Vetoes Two Cryptocurrency Bills and Strengthens Regulation on Bitcoin (BTC) ATMs
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