"Bitcoin's illiquid supply reached a new all-time high of almost 74% of circulating supply according to data provided by Glassnode, signaling that the Halving-induced supply shock is actually intensifying. This should provide an increasing tailwind for Bitcoin and other crypto assets over the coming months," André Dragosch, head of research at ETC Group, said in a report shared with CoinDesk.
"The level reflects the increasing scarcity of BTC in the market and a potential bullish impact on its price. Increasing BTC scarcity in the market means a pick-up in demand could have an outsized bullish impact on the cryptocurrency's going market rate."
"Data tracked by ETC Group and Glassnode shows that illiquid entities now own 14.61 million BTC, worth over $826 million at current prices, equating to 74% of the cryptocurrency's total circulating supply of 19.75 million."
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