Bitcoin Illiquid Supply Hits 14M BTC as Long-Term Hodlers Set Bull Market Record

Bitcoin Illiquid Supply Hits All-Time High of 14M BTC as Hodlers Take Control

Bitcoin is entering uncharted territory in its current bull market cycle, with on-chain data revealing a record surge in illiquid supply — now exceeding 14 million BTC. This milestone reflects a significant shift in investor behavior, as long-term holders (or "hodlers") lock away more Bitcoin than ever before, reducing available supply in the open market.

According to analytics firm Glassnode, this is the largest 30-day increase in illiquid supply seen during the ongoing bull run. Over 180,000 BTC became illiquid in the past month alone, the biggest jump since December 2022, when Bitcoin was emerging from the depths of the last bear market.

Bitcoin illiquid supply. Source: Glassnode

What is Illiquid Supply?

In on-chain analysis, an entity is labeled "illiquid" when it demonstrates minimal spending behavior — that is, it tends to accumulate and hold rather than trade or sell. Glassnode defines this through a liquidity ratio, where lower ratios indicate stronger long-term holding behavior. Illiquid holders are widely seen as bullish signals, as they reduce selling pressure on the asset.

Bitcoin 30-day illiquid supply change. Source: Glassnode

Institutions and ETFs Fuel the Hodling Trend

The rapid growth in illiquid supply is being supported by several key developments:

• Corporate treasuries, including firms like Strategy, are adopting Bitcoin as a treasury reserve asset.

• The launch of US spot Bitcoin ETFs has further mainstreamed BTC as a long-term investment.

These institutional investors are less likely to trade frequently, contributing significantly to the illiquid supply pool.

Whales Accumulate, Retail Sells

Further insights from Santiment indicate that Bitcoin whales — particularly those holding between 10 to 10,000 BTC — have amassed 83,105 BTC in the past 30 days, showing confidence even as Bitcoin prices surge above $100,000.

Bitcoin whale and shark accumulation data. Source: Santiment/X

In contrast, retail investors are displaying signs of anxiety, selling into strength and reducing their exposure.

Conclusion

With Bitcoin’s illiquid supply now at an all-time high of 14 million BTC, market dynamics are shifting in favor of long-term holders. As large entities continue accumulating and supply becomes increasingly scarce, the setup supports the potential for continued upward price momentum — a classic hallmark of late-stage bull markets.