Bitcoin Age Bands (Patreon)

The idea of a Bitcoin supply crunch might sound far-fetched, but hear me out. With major treasury buyers entering the market, I dug into Bitcoin's age bands. Roughly 46% of Bitcoin—about 9.2 million coins—hasn’t moved in over three years, and over 30% hasn’t budged in five years. Who’s to say this supply will ever hit the market? That leaves roughly 10 million coins that have been somewhat liquid in the past three years. After Saylor’s bold statement yesterday, he’s gunning to buy 440,000 BTC at current prices, pushing MicroStrategy’s holdings to 1 million BTC. BlackRock scooped up 600,000 coins in just 14 months. Then you’ve got corporate buyers, ETFs, the U.S. Federal Strategic Bitcoin Reserve, and even states jumping in. The setup has never looked this tantalizing to me.