Bitcoin is becoming scarce… at least, on the free market. The “illiquid offer” has just entered a new summit at 14.3 million BTC, while the whales absorb more than annual production. Therefore, there are fewer parts available for sale and a saleswoman pressure that is disintegrated.
In short
- 14.3 million BTCs are now classified as illiquid, or more than 72 % of the supply in circulation, which greatly reduces the share available on exchanges.
- The whales absorb almost 300 % of the newly issued annual offer, while companies and ETF already hold 2.88 million BTC
A mainly illite Bitcoin offer
Bitcoin's illiquid offer has just crossed a record of 14.3 million BTC. Concretely, this means that more than 72 % of the extracted bitcoins are now preserved by long -term holders, who have very little sales history. This tendency mechanically reduces the amount of BTC available on exchange platforms and reduces selling pressure.
With an offer in circulation of around 19.92 million BTC, rarity on the liquid market increases. The exit flows of exchanges reach historical levels. It is a sign that many investors prefer to secure their assets in private wallets rather than leaving them available for sale.
The consequence is double. On the one hand, the depth of the market decreases, which increases potential volatility. On the other, each wave of purchases exerts a more marked upward pressure on the price, since the available parts are becoming scarce.
Whales and first -line institutions
The data show that whales and “sharks” now absorb almost 300 % of the new annual Bitcoin emission. In other words, for each undermined bitcoin, these great holders buy almost three. It is an unprecedented pace of accumulation that highlights the growing confidence of these actors in the long -term value of the network.
At the same time, ETF companies and managers strengthen their presence. In 2025, their strategic reserves increased from 2.24 million to 2.88 million BTC, an increase of almost 30 %.
Fidelity also plans that by the end of 2025, long-term holders (LTH) and listed companies could control more than 6 million bitcoin, more than 28 % of the total supply that will one day exist.
This concentration of the offer in the hands of institutional and corporate actors reflects an increasing adoption of Bitcoin by traditional finance. For the markets, this means an additional rarefaction from the available supply and a bull's lever potential if demand continues to grow.
A rarity carrying opportunities and risks
The rise in the illiquid offer draws a scenario favorable to rapid increases. Each request shock, which it comes from ETF in cash, companies or private investors, can trigger a disproportionate price increase, lack of sufficient liquidity to absorb purchases. Halving cycles, which reduce the issue of new pieces, only accentuate this phenomenon.
However, it would be unlikely to see a linear path there. A little liquid market also amplifies the corrections. If a group of major holders decides to take profits from their bitcoin, the decline can be as brutal as the increase. Added to this are the regulatory and macroeconomic risks, capable of quickly modifying the behavior of investors.
In this context, we must monitor the evolution of the illiquid offer, the outgoing flows of the exchanges, the purchases of the whales and the subscriptions of ETF Crypto. These data make it possible to understand where the tension on the offer is located and to anticipate price movements.
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