55% of all mined bitcoin, about 11.1M of the ~20.1M BTC in existence, can't be traced to any exchange, fund, or institution. That's the finding from Galaxy Research, and it hasn't moved much despite years of Wall Street buying through ETFs and corporate treasuries.
The read: that untraceable supply isn't sell-side liquidity. Some of it is self-custodied holders who simply aren't selling, some is dormant or permanently lost. Either way, it's not depth you can trade against. Market cap counts it. Order books don't see it.
If you're sizing positions off BTC's headline float, you're pricing against supply that was never for sale in the first place. How much of that gap does your liquidity model actually account for?
#Bitcoin #TradingSignals #TokenBot $BTC $TBOT
tokenbot.com
The read: that untraceable supply isn't sell-side liquidity. Some of it is self-custodied holders who simply aren't selling, some is dormant or permanently lost. Either way, it's not depth you can trade against. Market cap counts it. Order books don't see it.
If you're sizing positions off BTC's headline float, you're pricing against supply that was never for sale in the first place. How much of that gap does your liquidity model actually account for?
#Bitcoin #TradingSignals #TokenBot $BTC $TBOT
tokenbot.com
