Bitcoin is becoming increasingly scarce as more of its supply turns illiquid, according to Fidelity Digital Assets. Researcher Zack Wainwright explained that with 95% of total supply nearing circulation, the market is shifting from abundance to scarcity. The report highlighted two key groups driving this trend: wallets that have held BTC for over seven years and public companies with at least 1,000 BTC. Together, these entities could control over six million BTC by the end of 2025, representing more than 28% of the total 21 million supply. Currently, public companies hold around 830,000 BTC, or 4% of the circulating supply, mostly concentrated among large holders. Some estimates suggest the true figure is even higher, exceeding 1.3 million BTC when including private firms. Fidelity noted that the growing adoption of BTC in corporate treasuries has fueled the sharp rise in illiquid supply since late 2024. Looking ahead, the report predicts that by 2032, more than 8.3 million BTC (42% of supply) could be locked away long term. Wainwright added that nation-state adoption and regulatory changes could accelerate this trend even further. The report also pointed out a similar pattern with Ethereum (ETH). Since the launch of Ether ETFs in 2024, they have absorbed over 5.5% of ETH’s total supply, while corporate treasuries now hold more than 4%. Meanwhile, Bitcoin (BTC) prices have slipped from $116,700 to just above $115,000 in Asian trading, extending a week of consolidation. The asset remains 7.2% below its all-time high, with traders watching for the long-expected correction. SOURCESFidelity The report highlighted two key groups driving this trend: wallets that have held BTC for over seven years and public companies with at least 1,000 BTC. Together, these entities could control over six million BTC by the end of 2025, representing more than 28% of the total 21 million supply. Currently, public companies hold around 830,000 BTC, or 4% of the circulating supply, mostly concentrated among large holders. Some estimates suggest the true figure is even higher, exceeding 1.3 million BTC when including private firms. Fidelity noted that the growing adoption of BTC in corporate treasuries has fueled the sharp rise in illiquid supply since late 2024. Looking ahead, the report predicts that by 2032, more than 8.3 million BTC (42% of supply) could be locked away long term. Wainwright added that nation-state adoption and regulatory changes could accelerate this trend even further. The report also pointed out a similar pattern with Ethereum (ETH). Since the launch of Ether ETFs in 2024, they have absorbed over 5.5% of ETH’s total supply, while corporate treasuries now hold more than 4%. Meanwhile, Bitcoin (BTC) prices have slipped from $116,700 to just above $115,000 in Asian trading, extending a week of consolidation. The asset remains 7.2% below its all-time high, with traders watching for the long-expected correction. SOURCESFidelity Currently, public companies hold around 830,000 BTC, or 4% of the circulating supply, mostly concentrated among large holders. Some estimates suggest the true figure is even higher, exceeding 1.3 million BTC when including private firms. Fidelity noted that the growing adoption of BTC in corporate treasuries has fueled the sharp rise in illiquid supply since late 2024. Looking ahead, the report predicts that by 2032, more than 8.3 million BTC (42% of supply) could be locked away long term. Wainwright added that nation-state adoption and regulatory changes could accelerate this trend even further. The report also pointed out a similar pattern with Ethereum (ETH). Since the launch of Ether ETFs in 2024, they have absorbed over 5.5% of ETH’s total supply, while corporate treasuries now hold more than 4%. Meanwhile, Bitcoin (BTC) prices have slipped from $116,700 to just above $115,000 in Asian trading, extending a week of consolidation. The asset remains 7.2% below its all-time high, with traders watching for the long-expected correction. SOURCESFidelity Looking ahead, the report predicts that by 2032, more than 8.3 million BTC (42% of supply) could be locked away long term. Wainwright added that nation-state adoption and regulatory changes could accelerate this trend even further. The report also pointed out a similar pattern with Ethereum (ETH). Since the launch of Ether ETFs in 2024, they have absorbed over 5.5% of ETH’s total supply, while corporate treasuries now hold more than 4%. Meanwhile, Bitcoin (BTC) prices have slipped from $116,700 to just above $115,000 in Asian trading, extending a week of consolidation. The asset remains 7.2% below its all-time high, with traders watching for the long-expected correction. SOURCESFidelity The report also pointed out a similar pattern with Ethereum (ETH). Since the launch of Ether ETFs in 2024, they have absorbed over 5.5% of ETH’s total supply, while corporate treasuries now hold more than 4%. Meanwhile, Bitcoin (BTC) prices have slipped from $116,700 to just above $115,000 in Asian trading, extending a week of consolidation. The asset remains 7.2% below its all-time high, with traders watching for the long-expected correction. SOURCESFidelity Meanwhile, Bitcoin (BTC) prices have slipped from $116,700 to just above $115,000 in Asian trading, extending a week of consolidation. The asset remains 7.2% below its all-time high, with traders watching for the long-expected correction. SOURCESFidelity SOURCESFidelity