Never thought of it that way. So much is just locked up due to lost keys and so on. Forgot about SPUD but I rarely keep liquid. Sometimes foe like a week, thinking I should, but then I get like.. fuck it, who I am kidding, I am all in.
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I think there might be quite a jut locked up in dead accounts, especially before when account creation came with Steem, not delegated Steem. The first 500,000 or so created before hf 19 were given a range of Steem at creation, but many of those people and accounts are gone. Then there are plenty who lost keys.
I normally don't make it to spud either, but I have been unsuccessfully trying to keep a little liquid, before powering it up again. :)