$BTC All Entities Supply: Hodl Trend Creates a Structural Supply Shock‼️‼️

The chart shows how Bitcoin supply has shifted across different entities over time and how these structural changes triggered price moves.

In 2010–2013, most of the supply was concentrated in KYC’d US exchanges. With a shallow market and heavy reliance on Mt. Gox, even small supply shifts created massive volatility and centralization risk.

Between 2014–2017, US dominance declined as Chinese offshore and non US KYC’d exchanges gained share. Liquidity improved as supply was more evenly distributed, supporting stronger price rallies.

In 2018–2020, a significant shift occurred: the majority of supply moved into “Total Left,” meaning non exchange wallets. This marked the rise of the hodl trend, reducing selling pressure and setting the stage for the 2019–2020 recovery.

From 2021–2024, US KYC exchanges regained some share, though far below earlier levels, while offshore exchanges remained flat or declined. The key point is that more than 80% of Bitcoin is now held off exchange. This reflects both institutional custody and individual hodlers keeping coins out of circulation.

The less supply held on exchanges, the lower the immediate selling pressure. This creates strong upward potential when new demand enters. Since 2020, coins have consistently moved off exchanges, tightening liquidity. Each demand wave now has a magnified impact on price, pointing to a structural supply shock.

Technically, this environment supports the possibility of Bitcoin reaching $150,000 in the next major cycle.

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