Key Points:
The non-liquid supply of BTC has now reached 14.3 million coins, setting a new historical high.
Whales are absorbing nearly 300% of the annual mined BTC supply.
The non-liquid supply of BTC, which consists of coins rarely spent by long-term holders, has climbed to an all-time high.
Market intelligence firm Glassnode reports that the "non-liquid supply" of BTC has surpassed a record 14.3 million coins.
Since January 1 of this year, the amount of BTC held for over seven years has increased by more than 422,430 coins, reaching a historical high of 14.3 million coins on Friday.
Given the current circulating supply of approximately 19.92 million BTC, this means that over 72% of all mined BTC is now classified as non-liquid.
This indicates that investors prefer to hold rather than trade their BTC, thereby reducing the portion of liquidity available for sale on exchanges.
This phenomenon also highlights the ongoing trend of accumulation by long-term holders (LTHs) and whales, reflecting a growing conviction among market participants regarding the long-term value of BTC.
Asset management giant Fidelity predicts that by 2025, long-term holders and corporate treasuries may lock up over 6 million bitcoins, further tightening supply and potentially driving prices up.
Fidelity notes that since 2016, the total supply of BTC held by long-term holders has seen quarter-over-quarter growth. Additionally, the holdings of publicly listed companies with at least 1,000 BTC have also shown quarter-over-quarter growth since 2020.
According to Cointelegraph, the collective holdings of corporate BTC strategic reserves and ETF issuers have risen by 30%, from 2.24 million coins on January 1 to 2.88 million coins on Tuesday.
This growth trend underscores the steady concentration of BTC supply into the hands of major institutional and corporate participants.
According to Glassnode, BTC whales and shark-level investors are currently absorbing BTC at a record pace—approximately 300% of the annual issuance—while exchanges are facing an unprecedented outflow of BTC.
Glassnode analysis indicates that as funds continue to flow out, the annual absorption rate of BTC on exchanges has dropped below -150%. This data suggests that investors are increasingly inclined to choose self-custody or long-term holding strategies.
Meanwhile, large holders (those holding 100-1,000+ BTC) are absorbing nearly three times the new issuance of BTC, marking an unprecedented accumulation rate for shark and whale-level investors in BTC history.
Market experts believe this signifies a structural shift, with traditional financial institutions increasingly adopting BTC, especially with the rise of BTC treasury companies and sustained strong demand for ETFs. This trend has led to a continuous reduction in BTC supply on cryptocurrency exchanges, while large holders maintain a long-term bullish stance.
Related: Analysts predict Bitcoin (BTC) will replicate the May breakout, targeting $118,000
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Large Investors Continue Accumulating, Bitcoin (BTC) Non-Liquid Supply Hits Record 14.3 Million Coins”
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