卖铲子的小区块
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Is Bitcoin liquidity in crisis? A more critical signal lies behind the $88,000 price tag.
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.
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.
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