Currently, the exchange inventory of #BTC is approximately 2,964,293 coins, almost reaching the lowest point of the exchanges in the past six months. In the last 155 days, a total of 2,807,515 BTC participated in turnover, with 1.936 million BTC having holding prices between $65,000 and $75,000.
So theoretically, if more than 1 million BTC is bought, a visible situation of BTC liquidity exhaustion will appear in the market.
Currently, U.S. spot ETFs hold approximately 1.002 million BTC, while the total reported global spot ETF holdings are about 1.073 million BTC. Based on the current holdings, it is very likely that the BTC participating in turnover in the secondary market will be below 1 million by early 2026.
The inventory on exchanges is likely to be below 1.5 million BTC, with over 90% of BTC not participating in market turnover.
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