Only 8.3% of all BTC bought before 7 years has been spend, this possibly leaves 3.9M BTC as lost forever or held forever.

The past days and weeks there have been very repetitive reports of a certain BTC wallets “re-awakening“ after a long period of being dormant, meaning untouched. So obviously those reports of them being active again sparked quite some panic for some reason, even though there is literally nothing to fear.

The wallets that are getting active again are just a small percentage in the big picture. In total there have been about 4.25M BTC bought and held on for ever 7 years, that‘s roughly 20% of the total supply.

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Chart from Glassnode, showing 3.9M BTC hodled since 7+ years ago and only 356k of that spend so far.

Here we can see (red line on chart) how only 8.3% of that “Ancient Supply“ has been spent, that‘s just over 365k BTC which is nearly nothing in comparison to the total supply.This means that over 3.9M BTC that have been bought 7 years ago, never even got moved.

Which could either means that their holder is very very convicted and actually believed in the long-term value of BTC back in 2016 already. Or those are just lost coins, which is quite likely as back then people did not think much about purchasing BTC and probably never took real care of the seed phrases.

Having even just 3M BTC lost forever is a big chunk of the total supply and would put the BTC supply available down to an actual of 18M. If the estimates of the lost supply are right, then Bitcoin is actually way more scarce than we could have ever thought.