On average, 566 BTC per day fall into this “ancient supply” category, while current daily BTC production remains around 450 coins. This development marks the first time in Bitcoin’s history that long-term held coins are growing faster than new supply. This data stands out as a significant factor reinforcing Bitcoin’s scarcity narrative. 

Fidelity analyst Zack Wainwright said, “The strong conviction of ultra-long-term investors is increasingly influential on the Bitcoin ecosystem.” According to the report, ancient supply is increasing regularly every day. The daily decrease rate in this supply category is less than 3%. 

As of June 8, 17% of all bitcoin falls into the category of “ancient supply”—meaning these coins have not moved in a decade or more. What could this mean for scarcity, market dynamics, and investors’ conviction? Find our team’s thoughts: https://t.co/EALzrfS92c pic.twitter.com/Ckm3MylTLY

— Fidelity Digital Assets (@DigitalAssets) June 18, 2025

Bitcoin Supply Exceeds 3.4 Million BTC, Yet Market Remains Unmoved 

With the dynamics changing after the 2024 halving, the dormant Bitcoin supply over 10 years has surpassed 3.4 million BTC. This corresponds to about 17% of the total supply. Coins believed to belong to Satoshi Nakamoto constitute roughly one-third of this ancient supply. However, many of these coins are likely lost. 

Meanwhile, there has been a more frequent decrease in ancient supply since the 2024 US elections. The report states that the supply of coins held for five years or more has dropped by 39% daily since the election. This rate was normally only around 13%. 

Some long-term investors are realizing profits. As uncertainty increases, the number of coin movers also rises. Wainwright notes that these movements may partly explain the price stagnation and declines seen in the first quarter of 2025. 

However, an important warning exists. The dormant supply surpassing new supply does not necessarily mean a short-term price increase. On the contrary, increased supply activity can exert downward pressure on prices. Although 2025 is traditionally considered the peak of the Bitcoin bull cycle, BTC has only risen by 12% since the start of the year. 

Fidelity notes that as institutional products increase, ancient supply becomes more widespread. This feature differentiates Bitcoin from other assets and could become even more critical in potential demand growth. 

Last week, we highlighted how $BTC wallets that held >12m were the primary profit-takers. But that trend has now flipped. Yesterday:

<12m cohorts accounted for 83% of all realized profit
6–12m holders alone realized $904M – second-highest daily profit YTD pic.twitter.com/gBD8tLCjVG

— glassnode (@glassnode) June 17, 2025

On the other hand, Glassnode data reveals a shift in investor behavior. Profit-taking trends have reversed among different investor groups. 

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The post Historic Milestone in Bitcoin: Dormant Supply Surpasses New Supply  appeared first on Coin Engineer.

XBTManager said in an Aug. 13 post on CryptoQuant that between Aug. 11 and Aug. 12 29,206 Bitcoin—which had been idle for up to three years—were moved on-chain. Especially, on Aug. 11, 18,536 BTC that had been inactive for two to three years were transferred, clearly exerting influence on Bitcoin’s price. A few hours later, 5,684 BTC that had been idle for three to six months also were moved. Along with 2,394 BTC dormant for 3-5 years, 4,986 BTC inactive for 3-12 months were also transferred on-chain the next day.

“Moving these long-dormant Bitcoin usually results in more market sales pressure. This may lead to declining prices in times of limited liquidity, which can possibly persist,” XBTManager said.

Market Sentiment Remains Mixed Amid Bitcoin Movements

Though the migration of these inactive monies raises questions, several experts still see bright mid-term future for Bitcoin. Following cooler-than-expected US Producer Price Index (PPI), Bitcoin has been “boosted by the continuous improvement in risk sentiment and sell-off in US yields” IG Markets analyst Tony Sycamore pointed out. Sycamore said that Bitcoin, having just shown a false break below $50,000, might extend advances towards the $70,000 barrier level in the next sessions.

In their Aug. 13 market analysis, Glassnode analysts called the state of the industry today one of “discernible uncertainty.” Still, they also saw a rising inclination among Bitcoin owners for HODLing. The experts noted that the market went into a protracted “supply distribution” after Bitcoin’s March all-time high. This tendency seems to be reversing lately, especially in bigger wallets—often linked with exchange-traded funds (ETFs). These big wallets appear to be returning into an accumulating period.

Overall, the Glassnode report concluded that the current on-chain conditions reflect an “undertone of high conviction” among Bitcoin holders, suggesting that despite short-term volatility, many investors remain confident in Bitcoin’s long-term value.

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The post Dormant Bitcoin Movement Sparks Concerns of Increased Selling Pressure appeared first on Coin Engineer.