Bitcoin’s illiquid supply hits all-time high; accounts for roughly 78% of circulating supply

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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