bitcoin suffers liquidity crisis: how is price affected?
the price of bitcoin has made a big jump in the last 7 days, going up to 24 thousand dollars. as investors wait for the bull rally to continue, an expert has announced that bitcoin is experiencing a supply and liquidity crisis. but this situation was interpreted by the expert as “bullish” for btc.
bitcoin, whose price has risen to 24 thousand dollars, has seen some decline in the last 24 hours as it has been running from record to record, which has led to question marks in some investors. glassnode cto rafael schultze-kraft made some statements showing that there is quite a bit of bullish data for bitcoin. schultze-kraft stated that first bitcoin was in a supply and liquidity crisis, and then said that this was quite a bullish situation for btc.
the cto, which shows bitcoin rates available on exchanges, then released data to support its view. analyzing under 7 headings, the cto showed that the number of accumulation addresses that primarily receive only bitcoin and do not spend at all is 2.7 million btc.
“real hodlers hold 14.5% of the circulating supply.”
referring to the bitcoin supply, schultze-kraft said, “do you really believe there are 21 million btc?”he said about 3 million bitcoins were missing. that means circulating supply is down by 16%.
grayscale gets more from btc
glassnode’s cto addressed the demand for btc from corporate companies and included bitcoin purchases from companies such as grayscale, microstrategy, ruffer. the cto also made a brief comment about grayscale, emphasizing that different corporate investments can also be seen with these companies. about 210 thousand btc has been added to the grayscale bitcoin fund in the last 6 months, schultze-kraft said, while the number of btc scraped by miners during the same period was about 185 thousand.
“yes, grayscale gets more than mined bitcoin. now we can talk about the supply crisis!”
green: the number of btc gray yesil has received. yellow: extracted btc.
schultze-kraft said the supply of btc on the exchanges had fallen dramatically since january, when btc was transferred to places like long-term storage. a data shared by cto,which went into a liquidity crisis after its statements about supply, showed that 14.4 million bitcoins were held by illiquid assets. the cto shared a chart showing that only 12% of the circulating supply of bitcoin is liquid within this amount, which is 78% of the current supply.
blue: illiquid btc supply. dark red: liquid btc supply. light red: very liquid btc supply.
finally, schultze-kraft, who also looked at miner data, said that the amount of bitcoin that never came out of miner addresses has been rising since the last half (halving), noting that the current btc balance in miners is 1.7 million. the cto said that all this data is bullish and that it believes that the consequences of this supply and liquidity crisis will be significantly reflected in the price of bitcoin in the coming months.