Bitcoin Ancient Supply Grows Faster Than New Mining 566 BTC Daily

Bitcoin’s ancient supply, defined as coins that have not moved in over a decade, is growing at a faster pace than new coins are being mined. According to a recent report from Fidelity Digital Assets, this trend began in April 2024, marking a significant shift in Bitcoin’s supply dynamics. Currently, 566 Bitcoins enter the ancient supply category daily, surpassing the 450 BTC that are newly issued each day. This indicates that long-term holders are increasingly influencing market behavior, especially as Bitcoin experiences heightened institutional activity and strategic shifts post the 2024 halving.

The total ancient supply now exceeds 3.4 million coins, valued at over $360 billion at the current price of $107,000 per coin. This supply category has been steadily growing since early 2024, with decreases occurring on fewer than 3% of days. In contrast, the supply from five-year holders shows more fluctuation, with a 13% daily decline rate. The ancient supply began outpacing daily issuance in April 2024, and this trend has remained consistent, with the daily average now above issuance levels.

Following the 2024 U.S. election, there was a notable increase in the frequency of ancient supply decreases, rising to 10% of observed days. This is nearly four times higher than the historical average. Bitcoin held for five years or more also declined on 39% of days post-election, triple the typical rate. These movements may have contributed to weaker price action in early 2025. The behavior of long-term holders, particularly in response to significant events like elections, highlights their growing influence on Bitcoin’s market dynamics.

As of June 8, 2025, 27 public companies hold over 800,000 Bitcoin combined. Projections indicate that ancient supply could represent 20% of circulating supply by 2028. If current trends hold, that figure could reach 30% by 2035, especially when factoring in company-owned reserves of 1,000 BTC or more. The impact of these entities on circulating supply remains measurable, with the ancient supply HODL rate turning positive in April 2024 after being adjusted to consider new issuance. This recent pattern portrays evolving liquidity scheming in Bitcoin and the long-term ownership.

Ask Aime: How are ancient supply dynamics affecting Bitcoin's market behavior?