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Headline supply is a warehouse, not the float We keep running into the same mismatch when we read supply talk on here. Someone quotes a big round number for coins outstanding and treats it like depth. It is not depth. It is a stock of outputs, most of which are not offered. A UTXO is just a discrete chunk of bitcoin that has not been spent yet. The set can grow because people split change, or shrink when they consolidate. Neither move, by itself, tells you how much bitcoin would trade if the tape got hit. Liquidity is the marginal slice: coins whose owners are willing to sell into the book, or whose bids are actually resting there. Aged outputs that have not moved in years are inventory. Dust that costs more in fees to spend than it is worth is closer to clutter than to float.
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