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bitcoin

8.3 Million Bitcoin Will Be Considered ‘Illiquid’ By 2032: Fidelity Report

Ash Tiwari
by Ash Tiwari
2 hours ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a recent report by Fidelity Digital Assets, Bitcoin’s (BTC) illiquid supply could climb to 8.3 million BTC – roughly 42% of its total supply – by Q2 2032. As a result, the digital asset’s price may experience extraordinary price appreciation by then.

Bitcoin Illiquid Supply Could Jump To 8.3 Million

For their analysis, Fidelity used two distinct BTC cohorts to determine the illiquid supply. The first cohort consists of BTC that was last moved seven or more years ago. The second cohort includes public companies that hold at least 1,000 BTC.

Related Reading: Sora Ventures Unveils Asia’s First Bitcoin Treasury Fund With $1 Billion Buying Plan

Bitcoin included in the first cohort was found to be highly illiquid, as its total portion of the BTC supply has only increased quarter-over-quarter (QoQ) since tracking became possible in 2016. The following chart shows the quarterly net change observed in this cohort.

bitcoin
Source: Fidelity Digital Assets

When it comes to public companies holding more than 1,000 BTC, there has only been one QoQ decrease in total supply since 2020. As of June 30, this cohort held a total of 830,000 BTC.

bitcoin
Source: Fidelity Digital Assets

Notably, public companies holding more than 1,000 BTC represent 97% of the total BTC held across all public companies. It is also worth noting that the vast majority of these holdings are concentrated among 30 companies.

When looking from a macro viewpoint, it can be observed that there has been an accelerating trend of holding BTC versus trading or transacting. Specifically, the rising adoption of BTC among public companies has led to a rise in illiquid supply since Q3 2024. The following chart illustrates the rise in BTC’s illiquid supply.

The report adds that at the end of Q2 2025, BTC’s circulating supply hovered around 19.8 million. Of this, close to 8.3 million BTC could become illiquid by Q2 2032. The following chart shows this projection.

bitcoin
Source: Fidelity Digital Assets

The analysis predicts that Bitcoin’s maximum finite supply of 21 million is likely to become relatively more illiquid over time. Further, the trend of more companies buying BTC is likely to provide additional momentum.

The following chart further shows the change in Bitcoin’s liquid, illiquid, and still to be mined supply since Q2 2010. As can be seen, illiquid supply only started appearing in Q2 2020 and has already doubled since then.

bitcoin
Source: Fidelity Digital Assets

BTC Adoption Continues To Grow

A trend spearheaded by Strategy – formerly known as MicroStrategy – the corporate adoption of BTC is not slowing down. The firm recently added to its BTC holdings, as it bought another 525 BTC.

Related Reading: Crypto Adoption 2025: India, US, And Pakistan Secure Top 3 Spots In Global Index

Earlier this month, Japanese investment firm Metaplanet shared plans to raise $880 million to purchase more BTC. Similarly, Cyprus-based firm Robin Energy allocated $5 million toward its Bitcoin strategy.

Latest data shows that total BTC held by public firms recently crossed the one million mark, signifying the increasing trust in BTC as a reliable store of value. At press time, BTC trades at $115,767, up 1% in the past 24 hours.

bitcoin
Bitcoin trades at $115,767 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash.com, charts from Fidelity and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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