Only 0.52% of Bitcoin Is Working Onchain—Here’s Why

The report claims that only about 0.52% of Bitcoin’s supply is actively circulating in on-chain transactions, while most coins remain dormant or are held in long-term storage. This low turnover reflects strong holder conviction, reduced sell-side liquidity, and growing use of custodial, institutional, or off-chain arrangements. The implication is that relatively modest demand could produce outsized price moves, but the metric is sensitive to its definition of “working” and does not by itself confirm a supply shock.