Bitcoin’s illiquid supply has crossed the 14 million mark for the first time, signalling a significant shift in investor behaviour towards long-term holding. According to on-chain data from Glassnode, this means that nearly two-thirds of the total 21 million Bitcoin supply is now held in wallets with little or no history of spending. These “illiquid” wallets suggest their owners have no plans to sell any time soon.

Chart showing steady rise in illiquid Bitcoin | Glassnode

As of June 2025, Bitcoin’s illiquid supply stands at 14.35 million, up from under 13.95 million in December 2024, the month when Bitcoin first climbed above the $100,000 threshold. Despite price volatility, the accumulation trend has only intensified, suggesting growing conviction among holders.

Sharp Rise in Long-Term Holdings

The rise in illiquid supply indicates a steady move away from trading and towards self-custody. This shift became more pronounced in late March, as Bitcoin’s price saw volatile swings while coins continued to be withdrawn from exchanges and moved into cold wallets.

This trend is consistent with the long-term investment strategy adopted by a growing number of holders, who view Bitcoin as a digital store of value. By removing coins from circulation, they reduce selling pressure on the market, a setup that often precedes major price rallies.

According to Glassnode analysts, the rate at which BTC is becoming illiquid is one of the most bullish indicators for future price appreciation, especially when paired with declining exchange balances.

Institutional FOMO Accelerates

Adding to the bullish outlook is a wave of institutional FOMO (fear of missing out). In just one week, several major firms publicly disclosed significant Bitcoin acquisitions.

Anthony Pompliano’s ProCap BTC led the charge, acquiring a total of 4,932 BTC worth over $514.5 million. This was split between two large purchases: 3,724 BTC for $386.5 million and 1,208 BTC for $128 million.

Not far behind, Michael Saylor’s Strategy added another 245 BTC to its treasury, shortly after a separate $1 billion buy. Meanwhile, Japanese firm Metaplanet made headlines with its latest purchase of 1,234 BTC for approximately $132 million, bringing its total holdings to a symbolic 12,345 BTC, acquired for $1.2 billion.

Other notable purchases include:

• Smarter Web: Acquired 197 BTC

• Méliuz S.A.: Bought 275.43 BTC (now holds 595.67 BTC)

• The Blockchain Group: Added 75 BTC (total now 1,728 BTC)

The accelerating pace of corporate buying indicates rising confidence in Bitcoin as a strategic asset and hedge against inflation. As more firms join the movement, the available liquid BTC on the market continues to shrink.

Is a Supply Shock Incoming?

With supply thinning and demand on the rise, analysts warn that Bitcoin could be heading toward a significant supply shock. Speaking at Bitcoin Conference 2025, Eric Trump predicted that BTC could reach $170,000 by the end of 2026, driven largely by institutional demand and limited supply.

“A year ago, fewer than 100 companies held Bitcoin. Now, it’s more than double,” Eric stated. He pointed out that OTC desks and exchanges are seeing inventory shortages, making large BTC purchases increasingly difficult.

“Everyone wants Bitcoin, and no one wants to sell,” he added, a scenario that historically precedes sharp price surges.

The combination of increasing institutional adoption, long-term accumulation, and a dwindling liquid supply is laying the groundwork for Bitcoin’s next major breakout. With over 14 million BTC effectively out of circulation, any spike in demand could quickly strain supply, pushing prices higher.