15 years after 10,000 BTC were exchanged for two pizzas (now worth over $1.1B), a significant portion of the early Bitcoin supply remains intact - but some coins are on the move.
The share of Realized Cap held by coins aged over 10 years has declined from 0.045% to 0.033% over the past year. The steepest drawdown occurred between December and February, followed by a renewed decline since April 20.
This indicates that even decade-old holdings are being spent, and not all supply from that era is lost or vaulted.
As of May 2025:
🔸 More than 3.4 million BTC have not moved in over 10 years
🔸 Approximately 1.46 million BTC are considered probably lost (inactive since 2010)
🔸 Around 3,366 BTC are provably lost (burned, unclaimed, or sent to OP_RETURN)
This leaves close to 2 million BTC from the earliest era of Bitcoin that are likely still under deliberate custody - held by entities with strong conviction or long-term strategic intent.
