These numbers start to make more sense when you look at them who buys. In 2025 alone, the top 21 Bitcoin holders added approximately $40 billion worth of BTC.
Source: River
Strategy [MSTR]the US government, miners, funds and corporate newcomers have all increased their holdings.
The total balance increased to approximately 2.75 million BTC, or more than 13% of the total supply. This makes supply tight during tougher, darker days, which may help explain why Bitcoin continues to stagnate instead of busting.
That said…
Delivery is not completely locked.
Source: CryptoQuant
There has been a spike in exchange inflows from older Bitcoin cohorts, especially coins that have been inactive for six months to more than a year. These are experienced holders who choose to move coins even at high prices.
Importantly, this activity occurred before the recent pullback, so the correction was likely supply-driven.
This creates friction in the market. Not a complete trend break, but enough selling to slow the pace and make Bitcoin a more patience-testing trade.
Final thoughts
- Bitcoin seems harder to crash and easier to block.
- Older coins moving to exchanges explains the decline, but not a complete breakdown.