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. HODL Waves: (Source: Glassnode) Illiquid Supply: (Source: Glassnode)

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