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Bitcoin existing but not exploited – Bitcoin has just passed the 30,000 euro mark. However, many holders would not be inclined to sell. Three quarters of BTC’s total supply would therefore be held by long-term holders.

Few BTCs in circulation
According to a study conducted by Glassnode and published at the Bitcoin Loophole end of 2020, the vast majority of bitcoins in circulation are illiquid.

The company, which specialises in blockchain analysis, has in fact divided the 18.5 million BTCs in circulation into 3 categories. To do this, they calculated the ratio between the cumulative outgoing and incoming flows over the lifetime of a given address. The lower the ratio, the more illiquid the BTCs are. The higher the ratio, the more liquid they are.

This study enabled them to show that 78% of the BTCs were held by entities that do not seem inclined to sell, making them de facto illiquid.

Distribution over time of the liquidity of BTCs – Source: Glassnode
In effect, this means that „only“ 22% of the CTS, or 4.2 million, would be currently in active circulation and, therefore, available for purchase or sale.

Based on Glassnode’s research, it would appear that, historically, the supply of illiquid BTCs has tended to decline during bull runs. But this is not (yet?) what is currently observed on the market. So is the bull run only just beginning?