Data from River Financial shows 81% of Bitcoin's circulating supply has not moved in six months, leaving roughly 3.7 million BTC in active float. The tightening supply has not pushed Bitcoin back above $87K, but retail buyers and mid-sized wallets have both turned into net buyers again in the third quarter.
Bitcoin's tradable supply keeps shrinking even as price stalls. River Financial data shows 16.3 million BTC has stayed untouched for more than six months, out of a circulating supply near 19.7 million coins. That leaves about 3.7 million BTC making up the active float traders can buy and sell.
However, the supply shock has failed to push Bitcoin back above $87K. The asset fell below $84K and entered a consolidation phase after recovering roughly 50% from its June lows.
Long-term holders keep coins off the market
Long-term holders have added more than 3 million BTC since 2020, according to River Financial. At the same time, movement of older coins has slowed sharply: only about 300,000 BTC from older wallets moved during the first half of 2026, suggesting fewer long-held coins are returning to circulation.
Institutional buyers are adding pressure from another angle. Spot Bitcoin ETFs recorded $134.51 million in net inflows, bringing total weekly inflows to nearly $2.6 billion.
Retail buyers reverse course in Q3
Retail investors sold a net 140,000 BTC during the first half of 2026. That trend reversed in the third quarter, when retail holders bought back more than 107,000 BTC.
Mid-sized wallets have followed the same pattern. So-called "dolphin" wallets holding between 100 and 1,000 BTC accumulated more than 113,000 BTC since mid-July, adding further pressure to the available supply.
Whales split the order book
Bitcoin is trading around $83,970 after recently pushing toward $87,385. Whales are placing large orders on both sides of the market, creating a clear battle zone.
Between $85,122 and $87,000, sell orders totaling around $37 million form a wall that could make it harder for Bitcoin to clear the $85K – $87K range. Meanwhile, buy orders worth $21.1 million sit between $82,000 and $83,500, marking $82K–$83K as the key support zone.
Source: Coinpedia Fintech News
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