These numbers start to make more sense when you look at who’s buying. In 2025 alone, the 21 largest Bitcoin holders added roughly $40 billion worth of BTC.
Source: River
Strategy [MSTR], the U.S. Government, miners, funds, and new corporate entrants all increased holdings.
Total balances pushed to about 2.75 million BTC, or over 13% of total supply. This makes supply tight during tougher, darker days, which can help explain why Bitcoin keeps stalling rather than breaking down.
That said…
Supply isn’t completely locked away.
Source: CryptoQuant
There’s been a spike in Exchange Inflows from older Bitcoin cohorts, especially coins dormant for six months to over a year. These are experienced holders choosing to move coins even at elevated prices.
Importantly, this activity showed up before the recent pullback, so the correction was likely supply-driven.
This adds friction to the market. Not a full trend break, but enough selling to slow the pace, and turn Bitcoin into a more patience-testing trade.
Final Thoughts
- Bitcoin looks harder to crash and easier to stall.
- Older coins moving to exchanges explain the pullbacks, but not a full breakdown.
Source: https://ambcrypto.com/why-crypto-bitcoin-feels-harder-to-break-despite-fading-capital-inflows/