Bitcoin is becoming even scarcer than it looks.

According to the estimates:

• 11.97M BTC (57%) - individual holders
• 3.507M BTC (16.7%) - estimated lost BTC
• 1.26M BTC (6%) - corporate treasuries
• 1.218M BTC (5.8%) - ETFs
• 1.092M BTC (5.2%) - Satoshi’s estimated holdings
• 1.008M BTC (4.8%) - yet to be mined
• 546K BTC (2.6%) - governments
• 399K BTC (1.9%) - miners

From our perspective, this is a strong long-term signal for Bitcoin. As adoption expands and more capital enters the market, there is a limited amount of BTC available to meet that demand. The important point is not simply that Bitcoin has a 21M cap. It is that a large portion of those coins is already held, inactive, or potentially inaccessible and that combination is what makes the long-term story so compelling.