#比特币流动性When the market is still debating whether the price of Bitcoin at $88,000 is expensive, a set of data has ripped open the true bottom line of the crypto market: the circulating Bitcoin may be much less than you think.

On the surface, 19.68 million Bitcoins have been mined, with only 1.32 million left to be mined, but on-chain data shows that one-third of the mined Bitcoins have been 'passively destroyed' due to lost recovery phrases, directly reducing the circulating supply by about 5 to 6 million. Among the remaining Bitcoins, various governments hold over 1 million, ETF reserves exceed 1 million, and giants such as BlackRock (over 700,000), MicroStrategy (600,000), and Satoshi Nakamoto (1.1 million) have long-term locked holdings. Moreover, over 2 million Bitcoins are held by large holders and miners, totaling about 15 million Bitcoins that are 'frozen', with only around 4 million actually available for trading on the market.

This situation is also confirmed by real-time market data: The premium monitoring at 17:45 on December 20, 2025, shows that the price difference of Bitcoin between Coinbase and Binance is -$33.60, and the monitoring mode is in 'mild discount,' with market sentiment leaning towards a mild bearish outlook, but the long-short ratio still reaches 1.577 (61.2% long).The contract open interest is also stable at 92.1K BTC. More noteworthy is the on-chain holding changes:In the past 2 days, whale addresses have increased their holdings by 7,238 coins, accumulating 11,900 coins over the past 7 days, and significantly increasing their positions by 35,998 coins over the past 30 days; in contrast, retail investors, or 'small fish' addresses holding between 1-10 BTC, have reduced their holdings by 2,260 coins over the past 7 days and 3,204 coins over the past 30 days, with chips accelerating towards large funds.

For ordinary investors, the significance of the price of $88,000 is not substantial. The core logic of Bitcoin is no longer about 'high or low prices,' but rather your share of the total supply—when most chips are locked by giants, and the circulating supply continues to shrink, being overly focused on short-term price fluctuations may easily lead one to be thrown out of the historical process of the crypto market.