Strategy Scoops Up 10,000 BTC in a Single Week: How Much is Left to Buy on the Market?
In the past week, the publicly traded company MicroStrategy (referred to as "Strategy" in the text) purchased over 10,000 BTC, valued at more than $900 million, reinforcing its position as one of the world's largest institutional Bitcoin holders with a total of 671,000 BTC worth over $50 billion. This aggressive accumulation occurs despite a declining Bitcoin price and the company's mNAV falling below 1.
This buying spree raises a critical question: how much Bitcoin is truly available for purchase on the market? While 19.96 million BTC have been mined (95% of the total 21 million cap), the actual liquid supply is far smaller. An estimated 30% of Bitcoin is considered "dormant," and around 20% is presumed permanently lost. Furthermore, institutional holdings from corporations, ETFs, and national funds are rapidly absorbing available supply, withdrawing it from active circulation. Exchange balances have also plummeted to multi-year lows, standing at approximately 2.49 million BTC, indicating a sharp contraction in immediately sellable "float."
Key data points on illiquid supply:
* Long-term holders control ~14.35 million BTC (over 70% of supply).
* 153 corporations hold Bitcoin, with 29 public companies holding 108.2K BTC. MicroStrategy alone holds 671K BTC, 62% of the corporate total.
* Spot Bitcoin ETFs hold ~1.31 million BTC.
* National governments hold ~615,000 BTC.
* An estimated 2.14 million BTC (including ~1.08 million from 2009) are likely permanently lost due to lost private keys.
The combination of massive institutional demand and a structurally shrinking liquid supply is creating a scenario of increasing scarcity, potentially signaling a major shift in market dynamics.
marsbit12/17 13:36