BTC’s Illiquid Supply Climbs to 72% of Total Circulating Supply, Reflects Strong HODL Trend

Bitcoin’s

illiquid supply has surged to 14.37 million BTC, jumping from 13.9 million BTC at the start of 2025, according to Glassnode data.

With bitcoin’s current circulating supply standing at approximately 19.8 million, this means over 72 percent of all mined BTC is now classified as illiquid.

Illiquid supply refers to the portion of BTC held by entities with minimal spending behavior, such as long-term investors and cold wallet holders. These coins are effectively taken out of the market, reducing the amount available for trading.

As more investors opt to store bitcoin rather than trade it, the liquid portion of the supply shrinks, tightening market availability.

This trend is significant because a growing illiquid supply often reflects increasing investor confidence and long-term conviction. It also creates the potential for a supply-side shock, where rising demand meets limited available supply, historically associated with bullish price movements.

The continued rise in bitcoin illiquidity supports the narrative of bitcoin as a store of value. If this trajectory holds, it could place upward pressure on price, particularly in the context of heightened market interest and diminishing miner issuance.

This underscores liquidity analysis as a key indicator for market sentiment and future price action.