Bitwise analyst: Bitcoin's illiquid supply hits a record high, accounting for nearly 75%

André Dragosch, head of European research at Bitwise, wrote on X: "Bitcoin's illiquid supply hit an all-time high, while exchange balances hit a multi-year low. Nearly 75% of the supply is considered 'illiquid', while the remaining supply in exchanges accounts for less than 14%. This means that Bitcoin's supply scarcity continues to intensify."