Wait and see approach: 3/4 of Bitcoin supply now illiquid
Around 76% of the total circulating Bitcoin supply is now illiquid according to on-chain analytics from Glassnode. Bitcoin markets have been consolidating since the beginning of the year, but on-chain metrics are painting a more positive picture as more of the asset is becoming illiquid.On-chain analytics provider Glassnode has been delving into Bitcoin supply metrics to get a better view of the longer-term macro trends in its weekly report on Jan. 3.The findings revealed that although the asset has been trading sideways so far this year, more BTC has become illiquid. There has been an....
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The way bitcoin holders move the BTC in and out of their wallets can often be a strong indicator of where the market might be headed next. Not just the movements of the asset, but where they are being moved to. An example of this is when more investors are moving their holdings to exchanges, which means that sell sentiment has risen and investors are dumping their coins, and vice versa. In this same line, looking at the liquid and illiquid supply of bitcoin can also be another strong indicator. And this time around, the percentage of bitcoin supply that remains illiquid point towards a....
Onchain statistics show 78% of the circulating bitcoin supply is illiquid and barely accessible according to Glassnode research. Data indicates that the analysts have classified 14.5 million bitcoin as illiquid and only 4.2 million bitcoin in constant circulation. One of the most treasured parts of the Bitcoin (BTC) protocol is the fact that the system is mathematically provable, and bitcoins are scarce. When Satoshi Nakamoto created the crypto asset, the inventor set the supply cap to end at 21 million coins issued and today, there’s approximately 18.58 million BTC in circulation.....
Since May 2021, the supply of illiquid bitcoin has grown by almost 371,000 BTC.
The HODL model hypothesizes that bitcoin has crossed an inflection point, with the asset's illiquid supply outpacing the rate of new supply issuance.
The illiquid supply floor demands the preservation of levels not far below $40,000 as supply drops and demand surges across the board. Bitcoin (BTC) must cost at least $39,000, says a new tool combining two of its most powerful metrics.In a tweet on Thursday, analyst William Clemente presented the illiquid supply floor chart — and its findings are firmly bullish for BTC.Bitcoin’s price floor rises and risesWith exchange reserves dwindling and major corporate buy-ins expected to be announced in the coming weeks, analysts are all but guaranteeing BTC price upside.As Cointelegraph reported,....