Bitcoin’s Illiquid Supply Hits Record High Despite Price Pullback
7 September 2025
Bitcoin’s illiquid holdings have reached new heights even as the asset trades 15% below its August peak.
According to data from Glassnode, the illiquid supply—coins held by entities with little or no spending history—surpassed 14.3 million BTC in late August. With 19.9 million BTC currently in circulation, roughly 72% of the total supply is now effectively locked away by long-term holders and cold storage investors.
The milestone underscores a steady accumulation trend that has persisted through recent volatility. Bitcoin touched an all-time high of $124,000 in mid-August before retreating by about 15%. Yet, illiquid balances continued climbing, suggesting that committed holders are unfazed by near-term corrections.
Over the past month alone, net illiquid supply grew by approximately 20,000 BTC, reflecting continued conviction among investors.
Analysts note that this deepening illiquidity tightens supply dynamics, potentially laying the groundwork for renewed upward momentum once market sentiment stabilizes. For now, the trend reinforces bitcoin’s positioning as a long-term store of value.
