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Bitcoin re-entering exchanges, Whales dumping Bitcoin due to PCE data

CoinSurges
By CoinSurges

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Definition

Illiquid supply is defined as the total supply held by illiquid entities, while supply change is a monthly (30d) net change of supply held by illiquid entities.

Quick Take

  • Illiquid supply change has gone negative for the first time since September 2022 — assuming that coins are returning to exchanges.
  • Each time coins go back onto exchanges; it has a somewhat correlation with the price of Bitcoin descending.
  • The FTX collapse saw over 200k Bitcoin go onto exchanges over 30 days. The highest amount for over five years.
  • However, this trend is decreasing as profits are starting to be realized. 
  • While whales dumped roughly $100 million on Feb. 24 due to the PCE data coming in hotter than expected.
lliquid Supply Change: (Source: Glassnode)
lliquid Supply Change: (Source: Glassnode)
Whales: (Source: Glassnode)
Whales: (Source: Glassnode)

The post Bitcoin re-entering exchanges, Whales dumping Bitcoin due to PCE data appeared first on CryptoSlate.

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