The amount of Bitcoin physically available to buy is continuing to fall as nobody really wants to sell at the moment, despite a new all-time high of $47,600.

Recent research by on-chain analytics provider Glassnode has revealed that Bitcoin’s liquid supply is continuing to decrease as investors progressively acquire and hodl the asset for the long term.

The findings indicate that there is currently around 78% of issued Bitcoin are either lost or being hodled. It added that this leaves less than 4 million BTC to be shared amongst future market entrants including large institutional investors such as PayPal, Square, S&P500 companies, ETFs, and the like.

Where is the Bitcoin Going?

The recent surge in BTC price may have been driven by retail traders as social sentiment on Twitter has hit record highs following the Tesla announcement that the firm bought $1.5 billion worth in January.

Grayscale also continues to add to its Bitcoin Trust and its most recent tweet suggests that assets under management for the institutional investment firm are at a record high of over $33 billion.

The Bitcoin Trust still contains the lion’s share of all Grayscale investments with 82% of the total AUM.

Crypto asset manager CoinShares confirmed that BTC investment product trading volumes remain high, averaging $670 million per day last week, representing 5.4% of total Bitcoin trading volumes.

Analyst Willy Woo stated that the big players have been adding to their stashes

“Whales have been adding to their balances throughout this dip, and new whales continue to be birthed. This shows that new coins have been bought by strong hands.”

On Feb. 5, CryptoPotato reported that the number of Bitcoin whales holding more than a thousand coins has increased by more than 200 since the start of 2021.

Bitcoin Price All-Time High

At the time of press, Bitcoin was trading at $47,600, a new all-time high eclipsing the one hit a few hours ago during early trading in Asia on Tuesday morning.

Read more: CryptoPotato

Bitcoin gets the rocket fuel as BTC smashes past $42,600 levels upon Tesla announcing its $1.5 Billion Bitcoin purchase. After fueling the DOGE rally over the weekend, its Elon Musk once again that has taken the Bitcoin community by storm.

The world’s richest man has endorsed Bitcoin quite a few times over the last few weeks. A week back, Elon Musk also changed his Twitter handle to #bitcoin raising speculation of his entry into Bitcoin.

In its recent SEC filing, Tesla has disclosed its latest Bitcoin purchase. The filing states:

“In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term”.

The Bitcoin Price is 9.84% high as of writing this story trading at $42,938 levels with a market cap of $791 billion. Tesla’s entry into Bitcoin space has helped to break the resistance ceiling of the previous ATH and once again enter into the price discovery mode.

Tesla to Accept Bitcoin Payments on Car Purchases
The great news is that in addition to adding Bitcoin to its reserves, Tesla is also planning to accept payments in BTC against its car sales. The filing states:

Read more: CoinGape