Data: Only 22% of Bitcoin is in circulation

On January 7, data from Glassnode showed that 78% of the 18.6 million bitcoins mined so far were illiquid. After analyzing the data, Rafael Schultze-Kraft, chief technology officer of Glassnode, concluded that only 4.2 million bitcoins (22%) are currently in continuous circulation and available for sale.

Since the beginning of this year, the trend of Bitcoin's illiquidity has clearly increased, indicating that the current bull market is driven by a large amount of illiquid assets. Statistician Willy Woo also said that the recent buying is driven by long-term holders. When more assets are transferred from active traders to long-term holders, the market will be bullish.