The percentage of active token supply within one year has reached 37% for both Bitcoin and Ethereum, marking notable convergence between the two largest cryptocurrencies after periods of divergent activity patterns.
This metric gained particular relevance following last week’s reveal that Galaxy facilitated the largest notional Bitcoin sale in history, moving over 80,000 BTC valued at more than $9 billion for a Satoshi-era investor. The whale’s tokens had remained dormant for 14 years before awakening, representing one of the most significant early Bitcoin holdings to re-enter circulation.
Despite the massive scale of this OTC transaction, Bitcoin’s price remained relatively stable around $118,000, demonstrating the market’s enhanced capacity to absorb large institutional-grade selling pressure. The successful execution without significant price impact suggests deeper liquidity and more sophisticated distribution mechanisms have evolved to handle whale-sized transactions.
Galaxy’s role in the sale suggests that OTC desks will play an increasingly important role in keeping these transfers away from public exchanges and minimizing price disruption. However, it raises broader questions about the true active supply of Bitcoin and the potential for additional dormant whales to emerge as prices continue to push all-time highs.
Current estimates suggest millions of Bitcoin may be permanently lost, but events like this demonstrate that even some “lost” coins may simply be in very patient hands. Current estimates suggest that anywhere between 2.3 million and 3.7 million BTC are lost, translating to more than 10% of the total supply. The implications for supply dynamics could be significant if more early holders decide to monetize positions, though the market’s ability to absorb this particular sale suggests institutional demand has matured considerably.
This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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