Definition. The monthly (30d) net change of supply held by illiquid entities. Liquid Supply Change is the liquid counterpart, and Illiquid Supply is the underlying supply.

Technical. An entity's liquidity is the ratio of its cumulative outflows to cumulative inflows, with change returning to the same entity excluded.

Interpretation. Positive prints record net migration into illiquid wallets, negative prints record the inverse.

Notes. For more information, see the introductory article on Bitcoin liquidity.