Bitcoin’s Ancient Supply Growth Surpasses Issuance, Fidelity Report Finds Long-Term Holders Tighten Grip

• Bitcoin amounting 566 enter the 10-year dormant category daily, surpassing the 450 BTC mined.
•  The total ancient supply now exceeds 3.4 million coins, valued at over $360 billion.
•  Following the 2024 U.S. election, long-term holder activity increased, impacting short-term price movements.

A recent report from Fidelity Digital Assets shows that BTC’s ancient supply is now expanding faster than new coins are mined. For the first time since the asset’s inception, more coins are aging past ten years without movement than are entering circulation daily. This milestone, marked in April 2024, indicates a significant change in Bitcoin’s long-term supply dynamics. 

With 566 Bitcoins joining the ancient supply category each day and only 450 being newly issued, long-term holders are playing a stronger role in market behavior. This development comes as Bitcoin experiences increased institutional activity and shifting investor strategies after the 2024 halving.

Ancient Supply Passes 3.4 Million Bitcoin

As of June 9, 2025, more than 3.4 million Bitcoins are considered ancient, meaning they haven’t moved in over ten years. These coins hold a total value above $360 billion at the current price of $107,000 per coin. 

Roughly one-third of this ancient supply is estimated to be owned by Bitcoin’s creator, Satoshi Nakamoto . Additionally, a portion of these coins may be permanently lost or inaccessible. Despite rising prices, this supply category has continued to grow steadily since early 2024.

Fidelity’s analysis points to a consistent increase in ancient supply, with decreases happening on fewer than 3% of days. In contrast, supply from five-year holders shows a higher fluctuation, with a 13% daily decline rate. The ancient supply began outpacing daily issuance in April 2024. This trend has remained steady, with the daily average now above issuance levels.

Impact of the 2024 U.S. Election on Holder Behavior

Following the 2024 U.S. election, the frequency of ancient supply decreases rose 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. 

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. 

While the behavior of these entities may vary, their impact on circulating supply remains measurable. In April 2024, the ancient supply HODL rate equal to net growth after being adjusted to take into consideration new issuance turned positive. The recent pattern portrays evolving liquidity scheming in Bitcoin and the long-term ownership.