The so-called $100,000 sell wall for bitcoin (BTC} is becoming a hard nut to crack, with $384 million available for sale between the current price and that six-figure milestone. A look at the supply data, though, suggests building pressure for an upward move.
“Illiquid supply” refers to the amount of bitcoin that is owned by long-term holders (LTHs) that is not actively traded. According to Glassnode data, illiquid supply has risen by more than 185,000 tokens over the past 30 days and hit an all-time high of 14.8 million BTC, or 75% of the total circulating supply of just under 20 million (only 21 million bitcoin can ever exist). That 185,000 is the second highest 30-day change this year and suggests the main behavior for investors at the moment is holding not trading.
Previous research by CoinDesk shows that sales by LTHs are approaching their end. Since Nov. 26, LTHs as a group h
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Author: James Van Straten
