PANews reported on September 16th that, according to Cointelegraph, asset management firm Fidelity stated that at the current rate of Bitcoin treasury company purchases, approximately 42% (or 8.3 million) of Bitcoin's circulating supply could be "illiquid" by 2032. Fidelity's report on Monday stated that the criterion for determining two groups of Bitcoin supply as illiquid is that the supply has increased every quarter or at least 90% of the time over the past four years. Based on this, Fidelity identified two groups: long-term Bitcoin holders and publicly traded companies holding at least 1,000 Bitcoins, the latter of which has grown this year.

Fidelity projects that by the end of 2025, the two will hold over 6 million Bitcoins, representing over 28% of all Bitcoins. Fidelity found that long-term Bitcoin holders (defined as those who haven't moved Bitcoin out of their wallets for at least seven years) have not seen a decrease in supply since 2016. The second group—publicly traded companies holding at least 1,000 Bitcoins—has also generally maintained stable holdings, with only one supply decrease occurring in the second quarter of 2022.