This time is VERY Different - #OnChain (Patreon)

The TLDR of this chart can be summarized in 5 glorious bullets

• The illiquid supply of Bitcoin has been increasing parabolically since May, reaching 15.3 million BTC.
• This means that 80% of the circulating supply of Bitcoin is now considered illiquid.
• Illiquid supply refers to Bitcoin that is held by entities that rarely sell, meaning it is not readily available for trading.
• As the illiquid supply increases, the order book (the list of buy and sell orders) gets thinner.
• This makes explosive moves to the upside or downside more violent, as there is less liquidity to absorb the volatility.

h/t Sanjay for the image