The illiquid supply of Bitcoin has reached a new milestone, exceeding 14 million BTC, according to data from Glassnode.
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.
Chart showing steady rise in illiquid Bitcoin | Glassnode
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 announced new 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. The Blockchain Group added 75 BTC, bringing its total to 1,728 BTC.
Earlier today, Metaplanet announced the acquisition of 1,234 BTC for approximately $132 million. The company now holds 12,345 BTC, purchased for a total of $1.20 billion.
Metaplanet has acquired 1,234 BTC for ~$132.7 million at ~$107,557 per bitcoin and has achieved BTC Yield of 315% YTD 2025. As of 6/26/2025, we hold 12,345 $BTC acquired for ~$1.20 billion at ~$97,036 per bitcoin. $MTPLF pic.twitter.com/vsnbCLGjZB
— Simon Gerovich (@gerovich) June 26, 2025
With this heightened trend of accumulation, combined with the fact that fewer coins are readily available on the market, Bitcoin may be setting up for its next major rally due to a looming supply shock.
How Bitcoin Price Could React to a Supply Shock
Speaking at Bitcoin Conference 2025, Eric Trump argued that BTC could hit $170K by the end of 2026 due to surging demand outpacing available supply.
He cited that a year ago, fewer than 100 companies held Bitcoin; now, that number has more than doubled. OTC desks and exchanges are reporting dwindling BTC inventory, making it harder for institutions to acquire more.
“Everyone wants Bitcoin, and no one wants to sell,” Eric said, suggesting that this supply squeeze could fuel significant price gains.
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