Bitcoin Milestone: 95% of Total Supply Now in Circulation - Century of Mining Remains
Bitcoin's scarcity engine just hit overdrive.
The digital gold narrative strengthens as 95% of all Bitcoin that will ever exist has now been mined and entered circulation. That leaves just 5% left to be released over the next approximately 100 years.
The Final Countdown Begins
With mining rewards continuing their programmed halving schedule, the remaining Bitcoin will trickle into existence at an increasingly slower pace. This built-in scarcity mechanism continues to separate Bitcoin from traditional fiat currencies - where central banks can print their way out of trouble while Bitcoin's supply remains mathematically guaranteed.
Finance traditionalists still scratching their heads about 'digital scarcity' might want to check their printers - they're probably running low on ink from all that quantitative easing.
Bitcoin’s maximum supply edges closer to fulfillment
The supply architecture is almost fully realized since the first Bitcoin was mined in 2009, according to Glassnode. And the Bitcoin network remains governed by the same rules 16 years later.
At a glance, Clark Moody data shows that Bitcoin’s circulating supply is 19,949,776 BTC out of the maximum supply of 21,000,000 BTC. Approximately 1,049,996 BTC are yet to be issued, while 230.09 BTC are deemed unspendable.
Meanwhile, future issuance is expected to be increasingly slower as block rewards were slashed after the April halving to 3.125 BTC. The block rewards are expected to dwindle until the last coin is created.
According to the Clark Moody dashboard, future BTC supply is expected to hit 99% on January 7, 2035. The total mined supply is projected to reach 99.9% by November 5, 2047, and the final full BTC token is expected to be issued on August 16, 2104. All coins will be issued by July 20, 2138. Kraken’s Thomas Perfumo notes that this slow-release approach strengthens Bitcoin’s appeal as an asset designed to resist inflation and arbitrary supply expansions.
BTC scarcity shapes every halving phase
Glassnode analyzed long-term charts covering BTC’s halving cycles and found a repeating pattern despite slight changes in percentages over time. Historically, BTC issuance drops, supply shrinks, the market expands, and a correction sets in.
BTC gained 3,959% during the 2016 halving event, before its peak in 2017, when it fell by 83%. The 2020 halving event saw Bitcoin rally about 678% into late 2021, then followed by a 77% slump. Meanwhile, the 2024 halving saw BTC price top around $126,160.
Glassnode noted that the repeating pattern across every cycle is clear-cut. Declining issuance always leads to scarcity, which in turn feeds expansion, and the expansion eventually cools off.
Meanwhile, the mining sector bears the most significant impact from this BTC milestone, according to Nansen analyst Jake Kennis. Block reward dropped to 3.125 BTC, and mining difficulty hit an ATH. However, Mid-sized miners are also under a lot of pressure to improve efficiency and reduce costs.
Kennis said the industry is transitioning from block reward-dependent miners to transaction-fee-dependent miners. He believes this creates pressure on miners to consolidate or seek efficiency gains.
Professionals polled by Glassnode also agreed that the milestone is not a direct price catalyst, but its timing matters. The milestone reportedly comes as ETF markets expand, regulatory frameworks mature, and corporations explore Bitcoin treasury. However, Perfumo describes the asset as operating with the scarcity and certainty of authenticity expected from a masterpiece like the Mona Lisa.
Glassnode noted that passing the 95% mark confirms the durability of BTC’s fixed-supply model. The remaining issuance stretches more than 100 years, and scarcity is expected to play a larger role in the market as each halving pushes new supply even lower.
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