The hidden movable float is the portion of Bitcoin that is realistically available for buying/selling (exchanges, OTC supply, short-term holders), after removing long-term hoards, lost keys, sovereign/treasury allocations, and custodial stock that won’t circulate. It’s the true transaction denominator for market impact: when that movable pool compresses, even small bids create outsized repricing. That’s why we track the hidden float, not nominal issuance.