River reports 81% of Bitcoin supply inactive for six months as holders tighten their grip

More than four out of every five Bitcoin in existence haven’t budged in at least six months. That’s according to River Financial’s September 23 newsletter, which paints a picture of a market where the vast majority of supply is simply sitting still, locked away by holders who appear entirely uninterested in selling. The 81% dormancy figure lands at an interesting moment. Bitcoin’s price has climbed roughly 50% from its June 2026 lows, yet trading volumes have cratered 30% year-to-date and ETF inflows have been running below average. In other words, fewer people are trading, but the ones still in the game are decidedly not letting go. The quiet accumulation beneath the surface River’s data reveals that long-term holders have added over 3 million BTC to their positions since 2020. That’s a staggering amount of supply being pulled off the market and tucked into cold storage or long-duration wallets. Meanwhile, movement from older coins has slowed to a trickle. Roughly 300,000 BTC changed hands from these long-held cohorts during the first half of 2026. Retail investors flip from sellers to buyers Perhaps the most telling shift in River’s findings involves individual and retail Bitcoin...