Towards a Supply Crisis? Long-Term Holders Are Drying Up the Bitcoin Market

For several weeks, on-chain data has drawn attention to an unusual phenomenon in the crypto market. Long-term holders retain a growing share of the available units, limiting movements on platforms. This situation revives questions about a possible Bitcoin supply crisis, while sales by patient investors remain low. A recent study shows that long-term wallets now control a record majority of the circulating supply. These data reinforce concerns about market liquidity and future behaviors.

In brief

• 79% of the circulating Bitcoin supply is now held by long-term investors, a historic record.
• Only 218,421 dormant BTC have been reactivated since the beginning of the year, the lowest level since 2012.
• Long-term holders limit sales, reducing the amount of Bitcoin available on the market.
• The decline in trading volumes and the slowdown in ETF outflows show reduced investor activity.
• The market now monitors demand evolution to determine if this scarcity of supply can support a new stabilization phase.

Bitcoin’s Available Supply Is Becoming Increasingly Scarce

While the Bitcoin market is currently undergoing a phase of decline marked by a slowdown in activity and a drop in short-term speculative interest, some indicators nevertheless show an important evolution of the supply structure.

According to a study by K33 Research, long-term holders retain a dominant share of the circulating supply. This accumulation reduces the amount of bitcoins available on the market and gradually changes the balance between buyers and sellers. Historical investors seem to favor holding their assets rather than quick redistribution.

Here are the main figures illustrating this situation:

• 79% of the circulating Bitcoin supply is held by long-term investors, a historic record.
• 218,421 BTC dormant for at least two years were reactivated as of June 6, 2026, the lowest level since 2012.
• By comparison, 1.18 million BTC had become active in June 2024, during a phase of higher distribution.
• Long-term holders limit their movements, reducing the amount of bitcoins available for trading.
• Trading volumes decline, while ETF capital outflows reach their lowest levels of the year.

This evolution reflects a change in the behavior of long-standing investors. Unlike previous periods marked by higher sales, historical wallets remain less active today. The market thus observes reduced circulation of old units, with lower selling pressure.

Meanwhile, overall market activity slows down. The decrease in trading volumes and the stabilization of ETF-related flows show a phase where investors adopt a more cautious stance. This situation raises questions about the market’s ability to absorb new demand with a more limited available supply.

 A Record Accumulation Follows a Period of Price Decline

These data appear after a difficult phase for the market. The BTC price recorded about two weeks of marked decline in early June 2026 before regaining some stability. On June 17, it traded around 65,000 dollars, an increase of about 6% after its recent lows.

K33 notes that several current indicators often correspond to the final stages of a bear market. Bitcoin today combines a strong concentration of supply in the hands of long-term holders, low reactivation of old coins, and declining volumes. This configuration remains linked to other factors that could influence upcoming movements.

Among these factors, U.S. monetary policy plays an important role. The Federal Open Market Committee is to hold its first meeting under Kevin Warsh’s chairmanship. Decisions regarding interest rates and future directions of the Federal Reserve have already influenced crypto markets.

A Shrinking Supply Amid Uncertainty in the Crypto Market

When holders retain 79% of the available supply, the number of units accessible for trading sharply decreases. New demand from institutions, individuals, or ETFs could therefore meet a market with less liquidity. Bitcoin thus remains at the center of observations related to this tension between holding and circulation.

However, the slowdown in ETF outflows does not automatically mean a return of purchases. The difference between decreased sales and a real rebound in demand remains essential to assessing market direction. Investors therefore monitor financial flows and the evolution of active wallets.

The current situation combines several rare elements: a historic concentration of supply, low activity of old coins, and a decline in trading. Bitcoin could evolve in an environment where unit availability plays a major role. The coming weeks will show whether this accumulation supports lasting stabilization or if the market remains exposed to uncertainties.

In the short term, data on inactive wallets and capital movements will remain closely watched indicators by sector players. A change in demand could modify the current balance between a limited supply of BTC and potential buyers. If investor interest strengthens, the low availability of bitcoins in circulation could amplify price movements. The market will therefore need to confirm whether this phase corresponds to a new consolidation stage or a prolonged waiting period.