95.6% of $BTC supply already mined (20.07M/21M as of Aug 2026)
CZ's take: 10-20% of existing coins are gone forever — lost keys, dead wallets, forgotten hardware. And that number only grows.
With hard cap at 21M and shrinking liquid supply, $BTC is structurally deflationary.
TLDR: Real circulating supply is way lower than you think. Scarcity thesis getting stronger every cycle.
CZ's take: 10-20% of existing coins are gone forever — lost keys, dead wallets, forgotten hardware. And that number only grows.
With hard cap at 21M and shrinking liquid supply, $BTC is structurally deflationary.
TLDR: Real circulating supply is way lower than you think. Scarcity thesis getting stronger every cycle.