Ledger reports that about 15% of all Bitcoin has been permanently lost. These coins are inaccessible due to forgotten private keys, misplaced wallets, or irreversible storage errors. With Bitcoin’s fixed supply of 21 million, this loss equates to millions of coins that will never re‑enter circulation, effectively reducing the usable supply in the market.

Satoshi Nakamoto’s holdings, estimated at around 1 million BTC, which remain's untouched since Bitcoin’s creation. Combined with the permanently lost coins, this means a significant portion of Bitcoin’s supply is effectively locked away, reinforcing its scarcity. Ledger emphasized that secure custody and responsible key management are critical as adoption grows, since lost coins and dormant holdings shape long‑term market dynamics.

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