Bitcoin’s circulating supply has crossed the 18.5 million mark, but not all mined coins are freely tradable. A detailed visualization published by Blockchaincenter.net maps the actual distribution of the existing supply, highlighting factors that reduce effective liquidity.
Breakdown of Circulating Supply
The graphic shows that 2.6 million BTC (12% of the 21 million cap) sits on exchange wallets. Grayscale Investments Bitcoin Trust holds 450,000 BTC, representing over 2.5% of the supply. Microstrategy owns 38,250 BTC, while early adopter Tim Draper holds 30,000 BTC from the Silk Road auction. Additionally, 120,000 BTC is locked in Ethereum through wBTC and similar tokens.
Dormant and Lost Coins
An estimated 1.5 million BTC are classified as “zombie coins” or long-dormant holdings. In the non-circulating category, the 2016 Bitfinex hack resulted in 120,000 BTC lost, the Plustoken scam involved 200,000 BTC, and Mt. Gox wallets still hold 166,000 BTC awaiting resolution. These effectively remove a significant portion from active circulation.
Scarcity and Future Supply
With only 2.5 million BTC left to mine—the last block expected around 2140—Bitcoin’s scarcity is compounded by its deflationary design. As of the visualization, network difficulty stands at 19.22T and hashrate at 140 EH/s. The next halving, projected around May 7, 2024, will further reduce block rewards, heightening Bitcoin’s digital scarcity.
This visual analysis underscores a critical insight: Bitcoin’s true available supply is far smaller than its raw circulation suggests, reinforcing its narrative as a uniquely scarce digital asset.