The total supply cap of Bitcoin BTC is 21 million, but for various reasons, not all are circulating in the market. Here is the specific allocation and status of Bitcoin:
1. Mined Bitcoin
As of December 2024, approximately 19.36 million BTC have been mined, with about 1.64 million BTC remaining unmined. These unmined bitcoins are expected to be gradually released before 2140.
• Circulating Bitcoin: ~19.36 million BTC
• Unmined Bitcoin: ~1.64 million BTC
2. Circulation and Loss Analysis
Although 19.36 million BTC have been mined, not all are available for use. A portion is permanently lost due to various reasons:
Lost Bitcoins
• Bitcoin's founding phase (2009-2011) had low value, with many private keys lost due to poor storage.
• Estimated: About 2 to 4 million permanently lost, accounting for 10%-20% of the total supply.
Examples:
• Some early miners discarded hard drives, as in the famous case of a miner losing a hard drive containing 7,500 BTC.
• Losses due to incorrect key transfers, inability of heirs to inherit, etc.
3. Bitcoins Held by Satoshi
Bitcoin's founder Satoshi Nakamoto is believed to hold approximately 1 million BTC, which have never been transferred or used, thus possibly permanently locked.
• Proportion: Approximately 4.76% of the total supply.
4. Institutional Holdings
In recent years, numerous institutions have begun accumulating Bitcoin, including publicly traded companies, ETF funds, and national reserves.
Famous Institutions:
• MicroStrategy: Holds approximately 153,000 BTC, making it the largest corporate holder of Bitcoin globally.
• Grayscale Bitcoin Trust (GBTC): Controls about 627,000 BTC.
• National-Level Investment: For example, El Salvador currently reserves about several thousand BTC.
Estimated total institutional holdings: about 5%-10% of the Bitcoin supply.
5. Individual Investors
Most of the circulating Bitcoin is held by global investors, including retail investors and whales (large holders).
Distribution of Individual Investors:
• Retail Investors: Ordinary holders with generally small amounts, accounting for a significant portion of the market.
• Whales: Accounts holding over 1000 BTC, whales can typically influence market prices.
• Smaller Holders: For example, the number of small investors holding 0.01 to 1 BTC is increasing annually.
According to recent data:
• Addresses holding at least 0.01 BTC exceed 45 million.
• Addresses holding more than 1 BTC are approximately 1 million.
• Addresses holding over 1000 BTC are approximately 2000.
6. Uncirculated Mining Rewards
The remaining approximately 1.64 million BTC will be gradually released through mining rewards:
• After the 2024 halving, each block reward will be only 3.125 BTC.
• The last Bitcoin is expected to be mined around 2140.
Allocation Summary (Estimated Proportions):
• Circulating Bitcoin: ~19.36 million BTC
• Lost or Unavailable: 2-4 million BTC (10%-20%)
• Satoshi's Address: 1 million BTC (approximately 4.76%)
• Institutional Holdings: 1.5-2.5 million BTC (5%-10%)
• Retail vs. Whales: Primarily dominated by whales, accounting for over 75% of the remaining supply.
• Unmined: ~1.64 million BTC
Overall, the circulating Bitcoin currently forms an evolving balance between individual investors, institutions, and 'lost' Bitcoins.
