Per TechFlow, CryptoRank & Glassnode data (May 14, 2025), over 14M $BTC —nearly 2/3 of total mined supply—is now illiquid, held long-term with minimal circulation. In the last 30 days, 180K $BTC moved to dormant wallets with low spending history, signaling strong HODLing. Charts show a clear link between rising illiquid supply and $BTC price growth since 2019.