Bitcoin scarcity due to ancient supply surpassing new issuance potentially drives price appreciation to $1 million

From Cointelegraph

June 18, 2025 3:55 PM:

The number of Bitcoin held for over 10 years is increasing faster than new coins are mined—550 BTC/day versus 450 issued BTC/day. Fidelity Digital Assets report notes this pivotal shift in Bitcoin’s supply dynamics, with ancient supply surpassing new issuance. Could increasing demand lead Bitcoin’s price to $1 million?
Bitcoin’s ancient supply is over 17% of total issuance, valued at $360 billion. Institutional investor capital is accelerating, with Bitcoin inflows projected to reach $300 billion by 2026. Diverse participants, including nation-states, US states, wealth management platforms, and public companies, are driving this growth.
Institutional accumulation and ancient supply growth suggest a scenario where a significant portion of Bitcoin’s supply becomes illiquid, potentially boosting price targets. Reaching $1 million per Bitcoin requires a market capitalization of $21 trillion, supported by historical trends post-halving events driving reduced supply growth and rising demand.
Despite strong illiquidity trends, market conditions can trigger supply increases, potentially moderating price appreciation. Bitwise noted significant demand potential, with sidelined demand in 2024 due to risk-averse policies. The narrative of increasing scarcity driven by ancient supply and institutional inflows makes $1 million a realistic price target for Bitcoin.

Read more at Cointelegraph: Bitcoin Scarcity Versus New Issuance Leads To Rallies