$BTC

Bitcoin is increasingly reaching the hands of entities that do not sell what they acquire.

Glassnode, which charts the portion of the BTC supply held by so-called "illiquid entities," reveals that this has reached unprecedented levels during the current bull market.

An entity is considered illiquid if the ratio between its accumulated inflows and outflows of BTC is below a certain value.

"This ratio yields a number L between zero and one; higher values indicate greater liquidity," it explains in a dedicated guide.

"Liquidity is, therefore, the measure of how much an entity spends the assets it receives. Illiquid entities are those that hoard coins in anticipation of a long-term revaluation of the price of BTC."