Fidelity Digital Assets forecasts 42% Bitcoin illiquid supply by 2032

Fidelity Digital Assets projects that 8.3 million BTC, or 42% of the Bitcoin supply, will be illiquid by 2032.

Bitcoin may become scarcer than ever, according to investment giant Fidelity. On Tuesday, September 16, Fidelity Digital Assets published a report on the potential state of the Bitcoin market in the coming years. According to the report, about 8.3 million BTC, or 42% of the current Bitcoin supply, may be in the hands of holders who are not looking to sell.

The largest contributors to the growth of this illiquid supply are long-term holders and public firms. Notably, Fidelity Digital Assets noted that the supply of Bitcoin that hasn’t been moved for seven or more years is steadily increasing. This figure currently stands at more than 350,000 Bitcoin (BTC) .

Quarterly net change and total supply of Bitcoin balances that did not decrease in seven years | Source: Fidelity Digital Assets

Public companies are increasingly buying up Bitcoin

Public companies are another significant contributor to the illiquid supply. Their holdings have accelerated since the fourth quarter of 2024 and currently stand at more than 830,000 BTC. Moreover, the vast majority of these holdings, according to Fidelity Digital Assets, is concentrated among the top 30 holders.

Total number of BTC held by public companies | Source: Fidelity Digital Assets

Both public companies and long-term holders have contributed to positive price pressure on Bitcoin. Moreover, the value of their combined holdings has more than doubled since the same time last year.

Assuming the same rate of accumulation over the past 10 years continues, Fidelity Digital Assets projects that 42% of all Bitcoin could be illiquid by 2032. Still, the report cautions that these trends may change. Specifically, in July 2025, holders sold 80,000 “ancient Bitcoin,” which had been held for more than 10 years.