Bitcoin’s ancient supply has officially outpaced new issuance for the first time, highlighting a significant market shift emphasized in Fidelity Digital Assets’ new report.
According to Fidelity Digital Assets, the accumulation of bitcoin’s ancient supply—coins untouched for over 10 years—has now reached unprecedented levels, surpassing new daily issuance rates. With 566 bitcoins entering this dormant category daily against only 450 mined, long-term holders continue to exhibit strong conviction, even as prices and market conditions fluctuate. The report notes that nearly 3.4 million coins, including Satoshi Nakamoto’s share, are now part of this ancient supply, valued at over $360 billion. Recent events, such as the 2024 U.S. election, have temporarily increased movement among long-term holders, but overall trends suggest growing institutional participation could drive ancient supply to 30% of total circulation by 2035. Fidelity emphasizes that bitcoin’s programmed scarcity, reinforced by committed holders and lost coins, strengthens its unique value proposition as institutional adoption rises.
