Definition. The total supply held by entities classified as liquid.

Technical. The liquidity of an entity is defined as the ratio of cumulative outflows to cumulative inflows over the entity's lifespan. An entity is considered illiquid, liquid, or highly liquid when its liquidity L sits at ≲ 0.25, between 0.25 and 0.75, or ≳ 0.75 respectively.

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

This is the Point-in-Time (PiT) variant of Liquid Supply. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.