According to reports by ETC Group and Glassnode, currently, 14.61 million BTC are held by non-liquid entities, which represents 74% of Bitcoin's total circulating supply (19.75 million). André Dragosch, Research Director at ETC Group, stated that this figure marks a new high for Bitcoin's illiquid supply, indicating that the supply shock caused by the halving is actually intensifying. Dragosch pointed out that this trend will provide increasing momentum for Bitcoin and other cryptocurrency assets in the coming months, signaling an important period of development for the market.