Strategy Scoops Up 10,000 BTC in a Single Week: How Much Is Left to Buy on the Market?
Strategy, a major long-term Bitcoin holder, has significantly increased its BTC holdings by over 10,000 BTC (worth $900 million) in a single week, despite a declining market and its mNAV falling below 1. This brings its total holdings to approximately 671,000 BTC, valued at over $50 billion, reinforcing its position as one of the world's largest institutional Bitcoin holders.
This aggressive accumulation raises questions about the actual available supply of Bitcoin on the market. While 19.96 million BTC have been mined (95% of the total 21 million cap), the truly liquid supply is far smaller. An estimated 30% of Bitcoin is held long-term in "dormant" wallets, and around 20% is presumed permanently lost. Furthermore, institutional ownership from public companies, ETFs, and national funds is rapidly growing, and exchange balances have hit multi-year lows, indicating a shrinking pool of immediately sellable "float."
Key data points on illiquid supply:
- Long-term holders possess ~14.35 million BTC (over 70% of circulating supply).
- 153 corporations hold BTC, with 29 public companies accounting for 1.082 million BTC. Strategy alone holds 671,000 BTC, representing 62% of that corporate total.
- Spot Bitcoin ETFs hold ~1.311 million BTC, led by BlackRock (777,000 BTC) and Fidelity (202,000 BTC).
- Governments hold ~615,000 BTC, with the U.S. (325,000 BTC) and China (190,000 BTC, per Glassnode) as the largest holders.
- ~3.409 million BTC haven't moved in over a decade, with at least ~2.14 million BTC (including ~1 million attributed to Satoshi Nakamoto) considered permanently lost.
With only ~2.49 million BTC left on exchanges (a multi-year low), the report concludes that the available supply is structurally shrinking as institutional buying pressure intensifies and long-term holders continue to accumulate, potentially leading to a significant shift in market dynamics.
Odaily星球日报12/17 13:25
