$BTC: Few experiments with @glassnode's liquidity-supply metrics that were recently published, shown below (as of Jan. 3).

1/ A brief thread...
2/ First, a look of market caps by liquidity, which serve as different versions of @coinmetrics's free-float market cap, based on alternate heuristics.

Market cap: 610 billion.
Illiquid market cap: 487 billion.
Liquid market cap: 34 billion.
Highly liquid market cap: 97 billion
3/ Next, a ratio dividing highly liquid supply by illiquid supply, showing a major inflection point after the COVID panic. Since then, the number of illiquid coins relative to the most liquid coins has increased to an extent never seen before in the history of Bitcoin.
4/ Hyperliquid velocity, calculated by dividing entity-adjusted volume by highly liquid supply. Notice how it has consistently gone down since Bitcoin's inception, with significant drops after every cycle top.
5/ Finally, hyperliquid-adjusted dormancy, calculated by dividing entity-adjusted dormancy by highly liquid supply. Current spike denotes that the bull market is in full effect.
You can follow @kenoshaking.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:
Those who think consciousness raising & movement building are disconnected, or even a distraction from electoral politics have not paid attention to the history of social change.In this thread, we
Read more
The 2020s will be known as the Remote Work decadeA few predictions of what is likely to emerge[ a thread ] Third Space: Office and Working from Home will
Read more
1/29: Have you ever had a concept explained to you that helps frame complex issues you’ve been wrestling with and opens your eyes to new possibilities? A concept that I
Read more
By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.