Bitcoin’s illiquid supply has now passed 14.3 million BTC, marking a new record according to Glassnode data. This means that nearly 72% of the total circulating supply is now being held by long-term holders and cold storage wallets. In just the last 30 days, the illiquid supply jumped by 20,000 BTC, equal to $2.2 billion at today’s prices.
Even after Bitcoin touched its all-time high of $124,000 in mid-August before sliding about 15%, long-term holders continued to buy. This trend shows resilience in the market, suggesting that large holders remain focused on accumulation rather than short-term moves.
Institutional adoption is also strengthening. Spot Bitcoin ETFs approved earlier in the year have opened the door for traditional funds to gain exposure. Analysts at Bitwise and Standard Chartered expect Bitcoin to climb toward $200,000 in 2025, citing the 2024 halving’s supply shock and growing demand.
As of September 8, 2025, Bitcoin trades at $111,160. With growing whale activity and favorable regulation, traders believe supply pressure could fuel another sharp move higher once sentiment turns more bullish.