Bitcoin’s illiquid supply, representing coins held by entities with little spending history, has reached a new all-time high of 14.3 million BTC, according to data from Glassnode.
This figure now accounts for over 72% of the current circulating supply, indicating a major reduction in liquid BTC available for trading on exchanges.
Long-term holders increase accumulation
The number of coins held for over seven years has surged by more than 422,000 since the start of the year.
This trend highlights a sustained accumulation among long-term holders (LTHs) and large investors, often referred to as whales.
Asset management firm Fidelity projects that LTHs and corporate treasuries could lock up over six million BTC by the end of 2025, further tightening supply. Fidelity stated:
“We estimate that this combined group will hold over six million BTC by the end of 2025—or over 28% of the 21 million Bitcoin that will ever exist.”
Institutional and corporate consolidation
Corporate strategic reserves and ETF issuers have increased their combined bitcoin holdings by 30% in 2025, now controlling 2.88 million BTC compared to 2.24 million at the start of the year.
This ongoing shift consolidates more of the total bitcoin supply into the hands of major institutional players.
Whales absorb new supply at record pace
Whales and sharks, holding 100–1,000+ BTC, are now absorbing nearly 300% of the annual mined supply.
Exchange balances are dropping rapidly, with the yearly absorption rate by exchanges plunging below -150%, reflecting a preference for self-custody and long-term holding.
This structural shift, paired with persistent ETF demand, has resulted in reduced BTC supply on exchanges, underpinning a long-term bullish sentiment among large holders.
Impact on market liquidity
With the illiquid supply at record levels and institutional accumulation intensifying, bitcoin’s available trading supply continues to dwindle.
This dynamic reduces sell-side pressure and signals increasing confidence among major holders in the asset’s long-term value.
