In a striking development for the cryptocurrency landscape, Bitcoin’s illiquid supply has surged to a historic 14 million BTC, marking the largest increase in 30 days during the current bull market. This trend, highlighted by data from on-chain analytics platform Glassnode, indicates that Bitcoin is increasingly being hoarded by entities reluctant to sell, a behavior that could signal long-term bullish sentiment among investors.
The illiquid supply, which represents the portion of Bitcoin held by entities with low spending activity, has seen a notable uptick of 180,000 BTC over the past month—the most significant jump since December 2022. At that time, Bitcoin was emerging from a bearish phase that saw its price plummet to just above $15,000. Now, as the price approaches six figures, it seems that whales are taking advantage of the market dynamics, accumulating substantial amounts of Bitcoin while retail investors appear to be feeling the heat.
Notably, the latest data reveals that key players in the market, particularly those holding between 10 to 10,000 BTC, have collectively added 83,105 BTC to their reserves in the last month alone. This accumulation trend is further bolstered by increased institutional participation, with corporate treasuries and Bitcoin exchange-traded funds (ETFs) making Bitcoin a focal point for mainstream investment.
As the market evolves, the implications of this growing illiquid supply could be profound, potentially setting the stage for sustained upward momentum in Bitcoin’s price. The current landscape suggests that while retail investors may be skittish, the larger players are positioning themselves for a promising future.
