According to Coinglass data from July 21, long-term holder supply hit a record 16.64 million BTC — roughly 83% of all circulating Bitcoin. CryptoQuant CEO Ki Young Ju offered a useful framing: Strategy (formerly MicroStrategy) and spot Bitcoin ETF buyers absorbed the coins that old whales were selling. Bitcoin ETF inflows totaled $727 million across five sessions ending July 20. So the dormant coin data is genuinely positive for Bitcoin’s structural outlook. A clean break above it with sustained volume would align with the improving supply data.