Definition. The monthly (30d) net change of supply held by liquid and highly liquid entities combined. Illiquid Supply Change is the illiquid counterpart, and Liquid 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 liquid and highly liquid wallets, negative prints record the inverse.

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