Bitcoin Illiquid Supply Hits New ATH as Users Withdraw BTC from Exchanges

Bitcoin Illiquid Supply Hits New ATH as Users Withdraw BTC from Exchanges

Data shared by popular analytics company Glassnode shows that the illiquid supply of the flagship cryptocurrency has hit a new all-time high, while investors are taking their BTC off multiple centralized crypto exchanges and putting it into cold storage.

By the way, among those transactions, a staggering 15,000 Bitcoins were sent between anonymous wallets, according to Whale Alert.

Bitcoin's illiquid supply spikes to a new peak

According to a Glassnode chart shared by prominent Bitcoin-related Twitter account @BTC_Archive, the illiquid Bitcoin supply that has been rising at a fast pace has hit an all-time high, and the lack of a liquid BTC supply is getting tighter with each passing day.

#Bitcoin supply squeeze is getting tighter every day.It's actually accelerating! ✋💎🤚— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 3, 2021

In another tweet, the @BTC_Archive user posted one more Glassnode chart, showing that users have been withdrawing BTC from multiple crypto exchanges. The chart shows the Exchange Net Position Change index, and it has been going mostly negative.

People are buying #Bitcoin and putting them into cold storage. Something very different to 2017 - see next tweet 👇— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 3, 2021

Whales shovel $950 billion in Bitcoin

Major crypto tracker Whale Alert has reported that 22 hours ago, a whopping 15,000 Bitcoins (equal to $949,670,920) were sent from one anonymous wallet (3GNUK7wBUjDQYv8RnBa9qJ5u9igLdLbPdh) to another (bc1qceljac44mjpyv4ssynf6ysz9f8q9pz3p46czje), as BTC whales have been shifting crypto.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 15,100 #BTC (949,670,920 USD) transferred from unknown wallet to unknown wallet— Whale Alert (@whale_alert) November 2, 2021