The non-liquid supply of Bitcoin (BTC) has reached 14 million coins, with holders setting a new record during the bull run.

Source: Cointelegraph Original text: "The non-liquid supply of Bitcoin (BTC) has reached 14 million coins, setting a new record for holders in the bull market."

Key points:

Bitcoin has seen its largest increase in 30-day illiquid supply in the current bull market.

The non-liquid supply has now reached 14 million bitcoins, setting a new historical high.

As the price returns to six figures, large investors continue to accumulate.

Bitcoin investors are transforming the supply of Bitcoin into the least liquid state in history.

On-chain analysis platform Glassnode's data shows that Bitcoin's "illiquid supply" has reached a record 14 million coins.

Bitcoin is increasingly flowing into the hands of entities that do not sell their acquired assets.

Glassnode tracks the supply ratio of Bitcoin held by so-called "illiquid entities", and the data shows that this figure has reached unprecedented levels in the current bull market.

When the cumulative inflow and outflow ratio of Bitcoin for an entity falls below a certain value, that entity is considered a non-liquid entity.

"This ratio produces a value L between zero and one, with a larger value indicating higher liquidity," the platform explained in its professional guide. "Therefore, liquidity refers to the extent to which an entity spends its received assets. Illiquid entities are those that hoard coins in anticipation of long-term appreciation in Bitcoin prices."

Bitcoin is illiquid. Source: Glassnode

This week, the illiquid supply surpassed 14 million Bitcoins, with a rolling 30-day increase of 180,000 Bitcoins, the largest increase since December 2022.

At that time, the previous bear market was coming to an end, and BTC/USD had fallen 77% in the process, with a low just above $15,000.

Bitcoin 30-day illiquid supply change. Source: Glassnode

As Cointelegraph has continuously reported, this round of the bull market is particularly prominent in terms of investment trends due to increased institutional participation.

Companies like the business intelligence firm Strategy are combining reserves with the U.S. spot Bitcoin exchange-traded fund ( ETF ), making Bitcoin a mainstream investment target.

On-chain data also shows that large Bitcoin investors have been accumulating during the recent BTC price rebound. Only retail investors seem to be exhibiting panic.

"Key large and medium-sized investors of Bitcoin ( have accumulated 83,105 Bitcoins over the past 30 days, holding 10-10K BTC)," research firm Santiment reported in a post on the X platform this week.

Large and medium-sized investors accumulate data on Bitcoin. Source: Santiment/X

Related news: The Governor of Arizona vetoed two cryptocurrency bills and strengthened regulations on Bitcoin (BTC) ATMs.

This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.