The Bitcoin market is undergoing a fundamental transformation characterized by unprecedented supply constraints that are reshaping the cryptocurrency’s economic landscape, according to industry analysis. Abdumalik Mirakhmedov, Founder and Executive President of global mining firm GDA, reveals that available Bitcoin for immediate trading has dwindled to critically low levels, creating what may become one of the most significant supply squeezes in the asset’s history.
With nearly 20 million of Bitcoin’s fixed 21 million coin cap already mined, the convergence of institutional accumulation, long-term holding strategies, and permanently lost coins has created structural scarcity. Mirakhmedov estimates that accounting for coins held by steadfast investors and approximately 18% lost in inaccessible wallets, the truly liquid supply may have contracted to just six million coins.
This scarcity dynamic is being accelerated by three pivotal developments: the emergence of spot Bitcoin ETFs that physically custody vast quantities of Bitcoin, institutional and governmental adoption treating Bitcoin as a reserve asset, and the permanent loss of early coins through discarded hardware or misplaced private keys.
Unlike traditional currencies or commodities, Bitcoin’s decentralized nature prevents any central authority from increasing supply or manipulating availability. This immutable scarcity framework, combined with growing institutional participation from banks, pension funds, and sovereign wealth managers, is transforming Bitcoin from a speculative instrument into a digital store of value.
Mirakhmedov, who will address these developments at the Bitcoin MENA conference in Abu Dhabi, emphasizes that this supply contraction represents a permanent market structure shift rather than temporary cyclical patterns. As more Bitcoin becomes locked in long-term custody solutions and institutional portfolios, the actively traded supply continues to diminish, potentially creating sustained upward pressure on valuations.
The conference will feature further discussion on Bitcoin mining’s role in global energy transitions, highlighting the evolving narrative around cryptocurrency’s place in institutional portfolios and global financial infrastructure.