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Bitcoin long-term holdings near 4 million BTC, raising supply shock risk

Bitcoin held by long-term investors is nearing 4 million BTC, raising analysis that the amount of supply actually available to trade is shrinking quickly. As institutions and high-conviction buyers continue to accumulate, a renewed rise in demand could intensify supply tightness and add upward pressure on prices. Analysts also point to stronger price support as a large share of recently bought bitcoin moves into profit territory.