Quick Take
- ‘Illiquid supply’ refers to the amount of Bitcoin held by entities and is not readily available for trading or selling.
- Glassnode analysis identified the highly liquid supply in a noticeable downward trend. “Currently residing near a cycle low of 2.94M BTC, a -620K BTC decrease since Jan 2022”.
- Glassnode further said, “This suggests a significant contraction in the actively tradeable supply, resulting in both a decline in liquidity, as well as a constrained supply side.”
- To take the opposite side of this, more and more Bitcoin is becoming illiquid.
- 150k coins became illiquid in the past 30 days, similar to those seen after Luna’s collapse, marking a new year-to-date high.
- From a trend perspective, Bitcoin is becoming much less speculative and liquid.
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