Quick Take
- Bitcoin illiquid supply has hit a new all-time high of 15.056 million.
- As a percentage of the circulating supply, that is roughly 78%.
- Analyzing HODL waves, which examine the supply bands holding Bitcoin, is most interesting.
- If we take a deep dive into the short-term holder cohort, who have held Bitcoin for less than six months.
- We can examine that they hold over 20% of the supply, while their supply has jumped in the last week.
- We expect the illiquid supply to continue to increase as this cohort bought Bitcoin in Q4 2022 and Q1 2023 and will hopefully turn into long-term holders.
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