Fidelity Digital Assets' report highlights a historic moment where bitcoin entering 'ancient supply'—coins held for 10 years or more—now surpasses newly mined coins. As of June 8, 17% of all bitcoin falls into this category, with daily entries of approximately 566 BTC compared to 450 BTC being issued. This trend reflects a tightening liquid supply and growing investor conviction, as ancient supply comprises over $360 billion worth of BTC, primarily held by long-term investors, including pioneer Satoshi Nakamoto.
Fidelity Digital Assets' latest report reveals for the first time more bitcoin is entering 'ancient supply' than is being mined, impacting market dynamics.
As of June 8, 17% of bitcoin is classified as 'ancient supply', coins that haven't moved in a decade, indicating a significant shift in investor behavior.
The consistent increase in ancient supply versus mining output post-2024 halving points to a growing long-term conviction among bitcoin holders.
The report indicates that long-term holders are not cashing out despite the rising value, suggesting increased confidence in bitcoin's future.
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