Estimates suggest that between 3 to 4 million BTC have been permanently lost, contributing to Bitcoin's overall scarcity.

By February 2026, the number of Bitcoins left to mine is expected to drop below 1 million, highlighting the increasing scarcity of Bitcoin.

The overall trend indicates that by 2028, Bitcoin's supply will become increasingly scarce, which may significantly influence its valuation and market behavior.

Institutional adoption and regulatory clarity are on the rise, leading to more Bitcoin being held for long-term investment.

By 2028, approximately 20.51 million BTC will be mined, leaving only around 488,405 BTC remaining, or about 2.3% of the total supply.

The upcoming Bitcoin halving in 2028 will cut daily mining rewards from 450 BTC to 225 BTC, significantly impacting supply dynamics.

Current estimates suggest that by 2028, only 5 to 7 million BTC may be truly liquid and accessible, considering lost and long-term held coins.

A substantial portion of Bitcoin is illiquid due to long-term storage, lost wallets, and strategic reserves, which limits the available BTC for trading.

Research indicates that as of December 31, 2024, individuals hold about 69.4% of all Bitcoin, with a significant amount lost or in long-term storage.

This halving, which occurs approximately every four years, will further reinforce Bitcoin's deflationary characteristics as daily issuance decreases.

Factors such as government and institutional accumulation, along with increasing regulatory clarity, will tighten Bitcoin's liquid supply by 2028.

As of April 2025, over 19.8 million BTC have been mined, which accounts for 94% of Bitcoin's total supply.