Bitcoin’s Record 14.3M BTC Illiquid Supply Reflects Strong HODL Trend

Key takeaways:

• Bitcoin’s Illiquid supply now stands at 14.3 million BTC, a new record.

• Whales are absorbing nearly 300% of the yearly mined BTC supply.

Bitcoin’s  (BTC) illiquid supply, the coins held long-term by holders with little history of spending, has hit its highest level in history. 

Data from market intelligence company Glassnode shows that Bitcoin’s “illiquid supply” has reached a record 14.3 million BTC.

Bitcoin’s illiquid supply hits all-time highs

The number of BTC held by entities for over seven years without selling has risen by more than 422,430 coins since Jan. 1, reaching a new high of 14.3 million BTC on Friday. 

Related: Bitcoin price $150K target comes as analyst sees weeks to all-time highs

With Bitcoin’s current circulating supply at about 19.92 million, this means over 72% of all mined BTC is now classified as illiquid.

In other words, investors choose to keep their Bitcoin rather than trade it, shrinking the liquid portion of the supply that can be sold on exchanges.

It also highlights a sustained accumulation trend among long-term holders (LTHs) and whales, reflecting increasing long-term conviction. 

Asset management firm Fidelity projects LTHs and corporate treasuries could lock up over 6 million BTC by 2025, tightening supply and potentially boosting the price.

The company found that the total portion of the Bitcoin supply held by LTHs has increased quarter-over-quarter since 2016. The supply held by publicly traded companies with at least 1,000 BTC has experienced a quarter-over-quarter increase since 2020.

“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.”

As Cointelegraph reported, the collective holdings of corporate Bitcoin strategic reserves and ETF issuers have risen 30% in 2025, climbing to 2.88 million BTC on Tuesday from 2.24 million on Jan. 1. 

The increase underscores a steady consolidation of BTC supply into the hands of major institutional and corporate players.

Bitcoin whales absorb nearly 300% of new supply

Bitcoin whales and sharks are now absorbing BTC at record rates — about 300% of yearly issuance — while exchanges are losing coins at an historic pace, according to data from Glassnode.

Notably, Bitcoin’s yearly absorption rate by exchanges has plunged below -150% as outflows continue. This signals a growing preference for self-custody or longer-term investment.

Meanwhile, larger holders (100–1,000+ BTC) are scooping up almost thrice the new issuance, marking the fastest rate of accumulation among sharks and whales in Bitcoin’s history.

This marks a structural shift as traditional finance increasingly adopts BTC, particularly with the emergence of Bitcoin treasury companies and persistent ETF demand. The result is less BTC supply on crypto exchanges and long-term bullish conviction among big holders.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.