According to Glassnode’s on-chain analysis, although Bitcoin has been trading sideways so far this year, more Bitcoin has become illiquid. The growth of illiquid supply has been accelerating and currently accounts for 76% of the total circulating supply, more than three-quarters.
These figures indicate that more bitcoins have been transferred to the vault, which indicates that people’s holding habits and accumulation are increasing. The decline in high-liquidity supply also implies that there may not be a large-scale sell-off in the near future.
The current supply of long-term holders is 13.35 million BTC, which is only 1.1% lower than the October high of 13.5 million. Glassnode defines these long-term holders (LTH) as wallets or accounts that hold their bitcoins for more than 155 days.