Overview
- Blockchain data show Bitcoin crossed the 20 million mark on March 9 near block 940,000, with Foundry USA credited for the milestone block.
- Fewer than 1 million BTC remain to be issued under the fixed 21 million cap, with the final fractions projected around 2140 as halvings slow issuance.
- The 2024 halving set rewards at 3.125 BTC per block, putting new supply near 450 BTC per day and reinforcing a long glide toward near‑zero issuance.
- Effective float is tighter than headline supply due to roughly 230 BTC that are unspendable by design and an estimated 3–4 million BTC likely lost.
- Institutional and long‑term holder accumulation is outpacing new supply, with spot ETFs reported at about $86B in holdings, while a fee‑driven security model remains under scrutiny as miner margins compress and some operators pivot toward AI and HPC contracts.