Data says only 22% of Bitcoin supply left in circulation as BTC rally 'far from done'

Data says only 22% of Bitcoin supply left in circulation as BTC rally 'far from done'


Bitcoin (BTC) investors are quickly storing most of the available coins away and they are not for sale, new data at the start of 2021 reveals.

Statistics from on-chain analytics resource Glassnode originally released on Dec. 29, 2020 confirm that almost 80% of the Bitcoin supply is illiquid.

78% of BTC supply illiquid

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The changes in the composition of the Bitcoin market have become well known. As new all-time highs above $35,000 emerge, so too has a narrative that weak hands are selling their holdings to strong hands and institutions are buying from whales.

This reshaping of the Bitcoin investor profile implies more long-term hodling and less speculative activity, which itself boosts Bitcoin’s image as a worthwhile investment and perpetuates the cycle of hodling and price increases resulting from a liquidity squeeze.

For Glassnode, this process has now been quantified. Number-crunching from Rafael Schultze-Kraft, the firm’s CTO, estimates that of the extant Bitcoin supply of 18.6 million BTC, 78%

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