Bitcoin's illiquid supply climbs to a new peak as traders withdraw BTC from exchanges
Crypto analytics company Glassnode has shared some data suggesting that Bitcoin’s illiquid has hit a new all-time high as investors continue to move their BTC holdings into cold storage.
A prominent Bitcoin-related Twitter account (@BTC_Archive) shared a chart published by Glassnode, revealing that the illiquid Bitcoin supply, which has been rising at an alarming rate, has hit an all-time high. On the flip side, the lack of a liquid BTC supply is getting tighter with each passing day.
#Bitcoin supply squeeze is getting tighter every day.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 3, 2021
It's actually accelerating! ✋💎🤚 pic.twitter.com/ONRRCuYYxv
The Twitter user also posted another Glassnode chart showing that users have been withdrawing BTC from multiple crypto exchanges.
People are buying #Bitcoin and putting them into cold storage. Something very different to 2017 - see next tweet 👇 pic.twitter.com/ULVwvye4DQ
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 3, 2021
The chart displayed the Exchange Net Position Change index, which has been extremely negative of late.
According to a renowned crypto tracker, Whale Alert, a whooping 15,000 BTC (equal to $949,670,920) changed hands between anonymous wallets during the transactions, as BTC whales move their crypto holdings into cold storage.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 15,100 #BTC (949,670,920 USD) transferred from unknown wallet to unknown wallethttps://t.co/HQncmSoVrO
— Whale Alert (@whale_alert) November 2, 2021