On-chain analytics firm Glassnode reports that over 14 million Bitcoin (BTC) are currently held in wallets with minimal transaction activity. With a total fixed supply of 21 million BTC, approximately 7 million remain available for active trading. This trend indicates a growing preference among holders for long-term storage rather than frequent trading.
The illiquid supply of Bitcoin has risen notably, increasing from just under 14 million in December 2024—when Bitcoin first surpassed $100,000—to about 14.3 million today. Demand for cold storage and self-custody options has reached unprecedented levels, with many investors moving their coins off exchanges into private wallets. This shift has intensified since late March, despite ongoing price volatility.
Corporate Buying Accelerates
In the past week, several firms expanded their Bitcoin holdings. ProCap BTC purchased a total of 4,930 BTC valued at $515 million across two transactions. Michael Saylor’s Strategy added 245 BTC following a $1 billion acquisition the prior week. Other buyers include Smarter Web with 197 BTC, Méliuz S.A. increasing its holdings by 275 BTC to 596 BTC total, The Blockchain Group adding 75 BTC for a total of 1,728 BTC, and Metaplanet acquiring 1,234 BTC valued at $132 million, bringing its total to 12,345 BTC worth about $1.2 billion.
Supply Constraints May Impact Market
With only about one-third of Bitcoin’s supply considered liquid and available for trading, acquiring BTC is becoming more challenging. Over-the-counter desks and exchange order books show thinner inventories, which may lead institutions to bid up prices due to tighter supply. While some Bitcoins may be permanently lost, the rise in self-custody transfers suggests genuine demand driving this trend.
Price Outlook
At the Bitcoin Conference 2025, Eric Trump forecasted Bitcoin could reach $170,000 by the end of 2026, noting that the number of companies holding Bitcoin has doubled over the past year. If demand remains steady or grows alongside limited supply, a significant price increase is possible. However, markets remain volatile, and sudden sell-offs or economic shocks could alter the trajectory.
For now, with a record 14.35 million Bitcoin dormant in wallets, the constricted supply may set the stage for the cryptocurrency’s next major rally.