Bitcoin’sLiquidityTrifecta:UnpackingLiquidityAcrossOn-ChainData,MarketMicrostructure,andMacroDriversJune2025TableofContentsExchangeInflows+OutflowsIntroduction3ExecutiveSummary4On-ChainLiquidityMeasuresBitcoinPricePerformance5RealizedCap6NetRealizedProfit/Loss7Off-chainLiquidityMeasuresExchangeInflowsandOutflows8FuturesandOptionsOpenInterest9LimitOrderBookImbalance10CVDDivergences11UnhedgedSpotBitcoinETFDemand12AltcoinLiquidityMeasuresAltcoinMarketCap13MajorAltcoinsAggregated14RealizedCapGrowthLargeCapAltcoinPerformance15Solana(SPL)AltcoinMarketCap16MacrokgLinaesandAssetCorrelationsEvolutionof’BitcoinsCorrelationwith17VariousAssets&MacroIndicatorsChange...
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