Bitcoin illiquid supply is the portion of BTC unlikely to trade publicly; Fidelity estimates this could top six million BTC by end‑2025 and reach about 8.3 million BTC (≈42% of circulating supply) by 2032, tightening available market supply and potentially supporting price appreciation.
Fidelity projects over 6 million BTC illiquid by end of 2025
Publicly traded treasury companies and seven‑year holders drive the trend; 105 public firms currently hold ~969,000 BTC (Bitbo data)
Combined holdings equal roughly $628 billion at an average price of $107,700, raising sell‑off risk if whales move to market
Meta description: Bitcoin illiquid supply projected to exceed 6M BTC by 2025, per Fidelity. Learn what this means for price, whales, and investors — read the report highlights.
Asset management firm Fidelity expects Bitcoin’s illiquid supply to exceed 6 million BTC by the end of 2025 amid sustained buying by Bitcoin treasury companies and growing long‑term holder balances.
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Around 42% of Bitcoin’s current circulating supply — or roughly 8.3 million BTC — could be considered illiquid by Q2 2032 if present trends continue, Fidelity finds. The firm defines illiquid supply as cohorts whose balances have increased each quarter or at least 90% of the time over the past four years.
Fidelity identifies two primary cohorts as illiquid: long‑term holders (wallets inactive for seven+ years) and publicly traded companies holding at least 1,000 BTC. Both groups have generally increased or held steady in supply, tightening the volume available to regular market participants.
Bitcoin’s supply has changed drastically in the past 15 years. Source: Fidelity
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Bitcoin illiquid supply is the share of outstanding BTC that is unlikely to be offered for sale on open markets due to long‑term holding behavior or corporate treasuries. Fidelity estimates this group will hold over six million BTC by end‑2025, reducing immediate market liquidity and potentially supporting price if demand persists.
Fidelity uses on‑chain wallet behavior and corporate disclosures to identify cohorts whose balances have increased each quarter or at least 90% of the time over four years. The firm projects cohort trends forward using the past ten years’ growth rate for long‑term holders and observed corporate accumulation patterns for publicly traded firms.
Illiquid supply reduces the float available for trading, which can amplify price moves when demand rises. At the end of Q2 2025, Fidelity calculated combined holdings of the two cohorts equal to roughly $628 billion at an average BTC price of $107,700. Fewer BTC on the open market can mean sharper price responses to inflows or sell‑offs.
There are currently 105 publicly traded companies holding Bitcoin, and together they own more than 969,000 BTC — about 4.61% of total supply, per Bitbo data. This cohort has mostly maintained or increased holdings, with only one quarterly decrease noted in Q2 2022.
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Source: https://en.coinotag.com/fidelity-bitcoins-illiquid-supply-could-exceed-6-million-btc-by-end-of-2025/