With a limited supply of only 21 million, Bitcoin (BTC) is the most popular cryptocurrency in the world. Glassnode’s recent data shows that more than 19 million coins have already been mined. The circulating supply of the world’s most valuable digital asset has crossed 90%.
BTC’s limited supply has played a significant role in its historic price rally during the past 10 years. With only 2 million coins left to be mined, analysts predict a surge in demand for Bitcoin in the coming years. Bitcoin’s average daily issuance currently stands at around 918 BTC.
The mining of BTC is also getting tougher. Yesterday, Bitcoin mining difficulty touched another record high of 28.587 trillion. The mining hash rate is hovering near 200 exahash per second.
“This week, the total Bitcoin supply reached the 19-millionth coin mined, leaving less than 9.52% of the final 21M supply left to be mined over the next ~118 years. At the time of writing (block height 730,278), the total BTC supply was 19,001,529.68 BTC, with a daily issuance of 918 BTC/day (14-day median basis),” Glassnode noted.
Accumulation Trend
The BTC accumulation market was led by small and large players in the past week. Glassnode mentioned that retail, as well as institutional participants, have increased their Bitcoin holdings in the last few days. The most notable accumulation move was initiated by the Luna Foundation Guard. The entity increased its BTC holdings by more than 21,000 coins in the last 9 days.
“Exchanges continue to see significant net coin outflows, with aggregate exchange balances hitting multi-year lows. BTC is flowing out of exchanges at a rate of over 96k BTC/month, signaling historically strong accumulation is taking place. Accumulation is being driven by Shrimps and Whales, both of whom have added significantly to their balances over recent weeks,” Glassnode’s report added.
