Bitcoin re-entering exchanges, Whales dumping Bitcoin due to PCE data Definition
Illiquid supply is defined as the total supply held by illiquid entities, while supply change is a monthly (30d) net change of supply held by illiquid entities.
Quick Take
- Illiquid supply change has gone negative for the first time since September 2022 — assuming that coins are returning to exchanges.
- Each time coins go back onto exchanges; it has a somewhat correlation with the price of Bitcoin descending.
- The FTX collapse saw over 200k Bitcoin go onto exchanges over 30 days. The highest amount for over five years.
- However, this trend is decreasing as profits are starting to be realized.
- While whales dumped roughly $100 million on Feb. 24 due to the PCE data coming in hotter than expected.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.