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Bitcoin Illiquid Supply Exceeds 14 Million BTC Amid Institutional FOMO

The illiquid supply of Bitcoin has reached a new milestone, exceeding 14 million BTC, according to data from Glassnode.

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For context, this metric refers to coins held in wallets with little to no history of spending, suggesting they are unlikely to be sold anytime soon. In other words, only about 7 million BTC out of the total 21 million supply remain readily available.

With such a large portion locked away, this suggests that more investors are opting for long-term storage over active trading.

Steep Rise in BTC Locked Away

The accompanying chart shows a steady rise in the number of Bitcoin tokens becoming illiquid. As of December 2024, when the price of Bitcoin first surpassed the six-figure level, the illiquid supply was under 13.95 million. 

Despite Bitcoin consistently trading above $100K, the accumulation trend continues, as evidenced by the ongoing increase in illiquid supply, now at 14.35 million.

Since late March, the illiquid supply of Bitcoin has seen a sharp increase, while price action during this period has remained relatively volatile.

Specifically, the trend confirms that more investors are shifting toward self-custody, moving coins off exchanges and into cold storage. This behavior suggests a growing conviction among holders for higher BTC prices.

Institutional FOMO in Bitcoin

This trend is further evidenced by the increasing number of companies adopting Bitcoin as a treasury asset. This week alone, more than five companies have announcednew Bitcoin acquisitions.

Specifically, Anthony Pompliano’s ProCap BTC purchased 3,724 BTC for $386.5 million, followed by another 1,208 BTC for $128 million, totaling 4,932 BTC worth $514.5 million. Moreover, Michael Saylor’s Strategy acquired 245 BTC after a $1 billion purchase the previous week.

Smarter Web expanded its long-term Bitcoin treasury with a new acquisition of 197 BTC. Méliuz S.A. also acquired 275.43 BTC following a share offering, bringing its total to 595.67 BTC.