Bitcoin non-liquid supply hits record high, whales absorb nearly 300% of new supply

According to Cointelegraph, Bitcoin's non-liquid supply reached 14.3 million BTC, a record high. Data shows that more than 72% of Bitcoin is held by long-term holders, reflecting the accumulation trend of long-term holders and whales. Asset management firm Fidelity predicts that by 2025, long-term holders and corporate treasury may lock in more than 6 million BTC, accounting for 28% of the total supply. Holdings of corporate Bitcoin reserves and ETF issuers grew by 30% in 2025. Whales and sharks absorb about 300% of annual issuances, while exchanges’ Bitcoin outflows dropped to -150%, showing a preference for self-custody or long-term investment. This marks an increase in the adoption of Bitcoin by traditional finance.