Wed 14 May 2025 ▪
5
min read ▪ by
As the days go by, an obvious fact takes shape: bitcoin is becoming a scarce commodity. The liquid supply is melting like snow in the sun. This scarcity, for some, is no longer trivial. Analysts now fear excessive concentration. Fewer BTC on the markets also means less access for small holders. Is the network balance turning into silent centralization?
In brief
- The illiquid supply of bitcoin reaches a record with 14 million BTC withdrawn from exchanges.
- 180,000 BTC have become illiquid in 30 days, the highest level since 2022.
- Whales have acquired 83,105 BTC, while small investors sell out of fear of the market.
- Miners and ETFs increase scarcity, storing bitcoins out of market reach.
Bitcoin Becomes Rare: Towards a Supply Shock?
The bitcoin news: the latest Glassnode report is clear. Illiquid bitcoin now reaches 14 million BTC. This is an all-time record. In one month, 180,000 bitcoins have left the markets for inactive wallets. These wallets hardly trade anything. They hold, they accumulate, they lock supply.
This trend signals a profound shift in bitcoin perception. It is no longer just a trading asset. It becomes a reserve, a fortress of waiting. According to Glassnode, a wallet is illiquid when its spend ratio is below 0.25. That means it stores more than it spends. In other words: it HODLs.
This rise in illiquidity could signal a supply shock. Fewer available bitcoins could increase upward price pressure. But it also creates an ecosystem where buying becomes difficult. Bitcoin no longer circulates; it buries itself. Is this still healthy?
Whales, miners, and the silent disappearance of bitcoin
This phenomenon is not random. The whales are back, hungrier than ever. According to Santiment, holders of 10 to 10,000 BTC acquired 83,105 BTC in one month. A continuous, methodical accumulation. They take advantage of dips to strengthen their positions.
At the same time, small holders are offloading. Out of fear. Lack of vision. The asymmetry deepens. On one side, institutions and ETF funds locking supply. On the other, retail panicking and selling. This imbalance changes the market structure.
Bitcoin whales and sharks (holding between 10 and 10,000 BTC) have accumulated 83,105 additional BTC over the last 30 days. Meanwhile, smaller holders (less than 0.1 BTC) have sold 387 BTC over the same period.
Santiment
Another player to watch: miners. Historically sellers, they are now holding their BTC. This reduces circulating supply and strengthens the latent shock brewing. The more bitcoin becomes inaccessible, the more it is sanctified. The game changes. The market is no longer fluid. It contracts around pockets of power.
Bitcoin, illiquidity, and accumulation: the numbers speak
The numbers support this upheaval:
- 14 million BTC are now considered illiquid;
- 180,000 BTC have been frozen in 30 days, a record since December 2022;
- 83,105 BTC have been accumulated by whales in one month;
- 30.5% of bitcoins have not moved for 5 years.
Faced with this situation, some cry out for programmed scarcity. Others see a soft manipulation. The recently launched spot ETFs play a decisive role. They capture supply and lock it in digital vaults. This removes even more volume from the market.
A bitcoin placed in an ETF is no longer traded. It is frozen, kept like a digital gold bar. Coin Bureau warns:
Exchange reserves are at their lowest in 6 years. A supply shock is coming.
This is not a temporary hype. It is a progressive overhaul of the crypto landscape. A new era, more closed, less fluid, but perhaps more strategic.
Today, while some observe price consolidation, fear is setting in. The $100,000 threshold could break, say some traders. Technical signals are explicit: beware of a break below this symbolic level.
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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
