#数字资产市场洞察 Looking at the Bitcoin price of 88,000, many people will feel it's expensive. But the truly heart-wrenching data is here —

The surface numbers are very misleading: BTC has mined 19.68 million coins, with 1.32 million coins left to mine. However, the reality is much harsher. On-chain investigations have found that a full third of the mined Bitcoin has been completely lost due to reasons such as lost private keys and forgotten mnemonic phrases. In other words, this portion of coins has effectively been permanently destroyed and cannot be recovered.

Calculating this way, there are only 5 to 6 million coins that can actually be moved.

But it's not over yet. After deducting over a million coins held by various governments, the massive holdings of institutions like BlackRock (over 700,000 for BlackRock and over 600,000 for MicroStrategy), subtracting over a million from ETF inventories, and another million locked by Satoshi Nakamoto, along with over two million long-term frozen by miners and large holders—these accumulated chips add up to over 15 million coins.

In the end, there are only about 4 million Bitcoins left that can truly be traded freely on the market.

Imagine if those who hold these chips collectively refuse to sell, how low could the coin price drop? This is the power of scarcity.

The core of hoarding coins has never been about whether today is 80,000 or 90,000. The real game is the proportion you hold in the total supply of Bitcoin. Being overly immersed in short-term price fluctuations can easily get you thrown out of this historic transfer of wealth during the cycles of bulls and bears.