BTC's future is promising! — This isn’t just an empty statement; there’s a growing, clear underlying logic behind it: the freely circulating supply of BTC in the market is becoming increasingly scarce. Let’s break down a few key data points: 1. **US Spot ETFs**: 12.92M BTC Since the launch of spot ETFs in 2024, the overall holdings have been steadily increasing. Of course, BTC in ETFs can’t be entirely considered as “locked,” since they can still be redeemed or subscribed. But even during the bear market lows, the balance never dropped below approximately 12M BTC. In other words, as of now, ETFs have absorbed and locked up at least 12M BTC worth of liquidity. 2. **Corporate Holdings**: 12.98M BTC This includes BTC held by institutions, corporate treasuries, and other entities. Since 2024, despite market cycles, there hasn’t been any significant large-scale sell-off. This shows that more and more companies are buying BTC not for short-term trading but as a long-term asset allocation or even as a reserve asset. 3. **Government Holdings**: 6.19M BTC This includes approximately 3.297M BTC held by the U.S. government and around 1.9M BTC held by Eastern governments. While theoretically, these holdings could be liquidated, they are not part of the high-frequency circulating supply in the regular market. 4. **BTC Held for Over 5 Years**: 69.29M BTC This is the most important data point of the four. It includes Satoshi Nakamoto’s holdings, potentially permanently lost BTC, and a significant amount of BTC held by long-term holders. Why focus on “over 5 years”? Because the realized value of this BTC accounts for only 5.39% of the total network. In other words, while these BTC exist in the supply, they rarely participate in market trading. From a liquidity perspective, this portion is almost in a “static state.” ---------------------------------------------- Adding up these four categories gives us: **101.38M BTC**, which accounts for approximately **51% of the current circulating BTC supply**. While this doesn’t mean that every single BTC in these categories will never be sold, it reveals a critical fact: Within BTC’s nominal maximum supply, the truly liquid and highly tradable effective supply is likely far below the 21M figure. Apart from ETF holdings, which may fluctuate with market cycles, corporate holdings and long-term held BTC are showing increasingly clear trends of accumulation and consolidation. Over time, more BTC will inevitably transition from “trading chips” to “reserve assets.” This is what makes BTC so exciting and full of potential. #BTC #Crypto #Bitcoin #HODL #FutureIsBright