{"id":600004,"date":"2024-03-27T18:30:26","date_gmt":"2024-03-27T18:30:26","guid":{"rendered":"https:\/\/www.wncen.com\/?p=600004"},"modified":"2024-06-11T07:10:57","modified_gmt":"2024-06-11T07:10:57","slug":"bitcoin-liquid-inventory-ratio-all-time-low","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-liquid-inventory-ratio-all-time-low\/","title":{"rendered":"Bitcoin “Liquid Inventory Ratio” Hits All-Time Low, What It Means"},"content":{"rendered":"

On-chain data shows the Bitcoin “Liquid Inventory Ratio” has dropped to an all-time low. Here’s what this could mean for the asset.<\/p>\n

Bitcoin Sell Side Liquidity Is Low Relative To Demand Right Now<\/h2>\n

In a post on X, CryptoQuant founder and CEO Ki Young Ju discussed the recent trend in the Liquid Inventory Ratio for Bitcoin. The Liquid Inventory Ratio is an on-chain indicator that tells us about how the total sell-side liquidity inventory of the asset compares against its demand.<\/p>\n

Related Reading: Bitcoin Sentiment Returns To Extreme Greed As BTC Breaks $71,000<\/a><\/div>\n

The sell-side liquidity inventory of the asset is gauged using four factors: the total exchange reserve, miner holdings, OTC desk holdings, and US government-seized BTC.<\/p>\n

Out of these, the exchange reserve<\/a> (that is, the total amount sitting in the wallets of centralized exchanges) is the largest potential source of sell-side liquidity.<\/p>\n

The chart on the right below shows how the sell-side liquidity inventory of the coin has changed over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric appears to have been going down in recent years | Source: ki_young_ju on X<\/a><\/pre>\n
From the graph, it’s visible that the sell-side liquidity of the cryptocurrency has been heading down for a while now. This decline is mostly driven by the depletion of exchange reserves, as investors have been continuously pushing towards self-custody, possibly preferring to hold onto their Bitcoin for extended periods.<\/p>\n
The chart on the left displays the trend in the total demand for the asset. Here, the demand is measured using the 30-day balance changes of “accumulation addresses<\/a>.”<\/p>\n
The accumulation addresses are those that have a history of only buying BTC and no history of selling. Exchanges and miner entities are excluded from this cohort, of course, as they count under the sell-side liquidity instead, regardless of whether they satisfy the condition for accumulation addresses or not.<\/p>\n
Clearly, the demand for Bitcoin has exploded recently as new players like exchange-traded funds<\/a> (ETFs) have entered into the arena. All this BTC is potentially going out of circulation and being locked into the wallets known for hosting a one-way traffic.<\/p>\n
Given these two developments in the sell-side liquidity inventory and demand, it’s not surprising to see that the Liquid Inventory Ratio, which measures the ratio between the two, has plunged recently.<\/p>\n
\"Bitcoin<\/p>\n
The trend in the Liquid Inventory Ratio for the asset over the past few years | Source: ki_young_ju on X<\/a><\/pre>\n
Following the latest decline in the indicator, its value has, in fact, dropped to a new all-time low. This means that the sell-side liquidity has never been this low when compared to the demand for Bitcoin.<\/p>\n
\n
Related Reading: Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over?<\/a><\/div>\n<\/div>\n
Given this trend, it will be interesting to see how the BTC rally<\/a> plays out from here, as the supply available to buy is only continuing to tighten.<\/p>\n
BTC Price<\/h2>\n
Bitcoin had seen some drawdown earlier, but bullish winds have seemingly returned for the coin as its price has now recovered back above $70,200.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the asset has enjoyed a sharp surge over the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin “Liquid Inventory Ratio” has dropped to an all-time low. Here’s what this could mean for the asset. Bitcoin Sell Side Liquidity Is Low Relative To Demand Right Now In a post on X, CryptoQuant founder and CEO Ki Young Ju discussed the recent trend in the Liquid Inventory Ratio for Bitcoin. The Liquid Inventory Ratio is an on-chain indicator that tells us about how the total sell-side liquidity inventory of the asset compares against its demand. Related Reading: Bitcoin Sentiment Returns To Extreme Greed As BTC Breaks $71,000 The sell-side liquidity inventory of the asset is gauged using four factors: the total exchange reserve, miner holdings, OTC desk holdings, and US government-seized BTC. Out of these, the exchange reserve (that is, the total amount sitting in the wallets of centralized exchanges) is the largest potential source of sell-side liquidity. The chart on the right below shows how the sell-side liquidity inventory of the coin has changed over the last few years: The value of the metric appears to have been going down in recent years | Source: ki_young_ju on X From the graph, it’s visible that the sell-side liquidity of the cryptocurrency has been heading down for a while now. This decline is mostly driven by the depletion of exchange reserves, as investors have been continuously pushing towards self-custody, possibly preferring to hold onto their Bitcoin for extended periods. The chart on the left displays the trend in the total demand for the asset. Here, the demand is measured using the 30-day balance changes of “accumulation addresses.” The accumulation addresses are those that have a history of only buying BTC and no history of selling. Exchanges and miner entities are excluded from this cohort, of course, as they count under the sell-side liquidity instead, regardless of whether they satisfy the condition for accumulation addresses or not. Clearly, the demand for Bitcoin has exploded recently as new players like exchange-traded funds (ETFs) have entered into the arena. All this BTC is potentially going out of circulation and being locked into the wallets known for hosting a one-way traffic. Given these two developments in the sell-side liquidity inventory and demand, it’s not surprising to see that the Liquid Inventory Ratio, which measures the ratio between the two, has plunged recently. The trend in the Liquid Inventory Ratio for the asset over the past few years | Source: ki_young_ju on X Following the latest decline in the indicator, its value has, in fact, dropped to a new all-time low. This means that the sell-side liquidity has never been this low when compared to the demand for Bitcoin. Related Reading: Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over? Given this trend, it will be interesting to see how the BTC rally plays out from here, as the supply available to buy is only continuing to tighten. BTC Price Bitcoin had seen some drawdown earlier, but bullish winds have seemingly returned for the coin as its price has now recovered back above $70,200. Looks like the price of the asset has enjoyed a sharp surge over the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":600012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11680,91933,91935,91934,86007,1119,1144],"class_list":["post-600004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-liquid-inventory-ratio","tag-bitcoin-sell-side","tag-bitcoin-sell-side-liquidity","tag-bitcoin-selling-pressure","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin "Liquid Inventory Ratio" Hits All-Time Low, What It Means<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin "Liquid Inventory Ratio" has dropped to an all-time low. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin “Liquid Inventory Ratio” Hits All-Time Low, What It Means","url":"http:\/\/www.wncen.com\/news\/bitcoin-liquid-inventory-ratio-all-time-low\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/bitcoin-liquid-inventory-ratio-all-time-low\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/03\/shutterstock_2011934483.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/03\/shutterstock_2011934483.jpg?fit=4200%2C2400"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin liquid inventory ratio","bitcoin sell side","bitcoin sell side liquidity","bitcoin selling pressure","btc","btcusd"],"dateCreated":"2024-03-27T18:30:26Z","datePublished":"2024-03-27T18:30:26Z","dateModified":"2024-06-11T07:10:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin “Liquid Inventory Ratio” Hits All-Time Low, What It Means\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-liquid-inventory-ratio-all-time-low\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-liquid-inventory-ratio-all-time-low\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/shutterstock_2011934483.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/shutterstock_2011934483.jpg?fit=4200%2C2400\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin liquid inventory ratio\",\"bitcoin sell side\",\"bitcoin sell side liquidity\",\"bitcoin selling pressure\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-03-27T18:30:26Z\",\"datePublished\":\"2024-03-27T18:30:26Z\",\"dateModified\":\"2024-06-11T07:10:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/03\/shutterstock_2011934483.jpg?fit=4200%2C2400","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/600004"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=600004"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/600004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/600012"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=600004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=600004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=600004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}