2023-2-27 16:13 |
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) Whales: (Source: Glassnode)The post Bitcoin re-entering exchanges, Whales dumping Bitcoin due to PCE data appeared first on CryptoSlate.
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