According to Coincu, Bitcoin analyst Willy Woo recently discussed the ratio between paper BTC and highly liquid real BTC used for spot trading at the Token2049 event. Woo suggested that the paper BTC to real BTC ratio falls in the 20%-30% range. However, Twitter user therationalroot revisited Woo's original chart and stated that Woo's reevaluation indicated a 'dilution' of 20-30%. When considering Liquid Supply, therationalroot suggested that the range narrows to 10-20%, providing a more accurate estimate of actively traded supply.

To gauge the division of liquidity supply, analytics platform Glassnode employs a metric based on cumulative outflows and inflows throughout an entity's life cycle. This approach offers valuable insights into the evolving dynamics of paper BTC versus real BTC. It is important to note that the information provided is general market commentary and does not constitute investment advice. Individuals are encouraged to conduct their own research before investing.