Post

$BTC has a massive amount of old and potentially lost coins.



This includes coins linked to Satoshi Nakamoto, early miners, users who lost access to their wallets, and BTC that has remained dormant for many years.

Looking at the current data:

- Current Supply: 20.1M BTC
- Supply in Profit: 14.8M BTC, 73.6% of total supply
- Lost Coins in Profit: 5.5M BTC, 27.4% of total supply
- Supply in Profit Excluding Lost Coins: 9.35M BTC, 46.5% of total supply

This means roughly 37% of all BTC currently counted as being in profit may come from coins classified as lost or economically inactive.
Once we remove them, the picture changes significantly.
Traditional Supply in Profit suggests that almost 74% of Bitcoin supply is in profit.

But only around 46.5% of the total supply represents Supply in Profit after excluding these Lost Coins.

This may give us a very different view of the supply that is actually economically relevant to the market.

#GateBTCSpotVolumeRanksTop3 #BTCShortTermPullback #GateIdleEarnAddsUSD1UpTo8.16APR
This page contains third-party content and does not constitute any advice, nor does it represent Gate's endorsement of such views. For details, please see disclaimer.
BTCBTC+0.49%

  • 2

Add a comment
Add a comment

Comment
HoneySniffer
2026-09-25
Gate has dug deeply into this data, so volatility strategies need to reassess liquidity.
0View Original
OptionReaper
2026-09-25
So among the genuinely active supply, the proportion in profit is actually less than half? Then the room for a pullback is larger than imagined.
0View Original
NewsFastRead
2026-09-25
27% of the coins may be permanently dormant; this deflation is even harsher than what the white paper describes.
0View Original
AirdropHunter
2026-09-25
By this calculation, the actual circulating supply in profit is much smaller than expected, so selling pressure may not be that high.
0View Original
CrabPosition
2026-09-25
If Satoshi’s stash ever moves one day, the market will shake three times.
0View Original
SnowballStacker
2026-09-25
First Review
Interesting, traditional data also counts inactive coins as profitable, making the actual holder structure healthier.
1View Original
View More