Structural shift creating unprecedented scarcity for world’s leading digital asset says GDA’s Abdumalik Mirakhmedov ahead of Bitcoin MENA in Abu Dhabi
Dubai, UAE, 4th December, 2025:
The amount of Bitcoin available to buy or sell today is far smaller than many realize, according to a leading industry expert who says a historic supply squeeze is fundamentally reshaping the digital asset market.
This tightening supply is being driven by rising institutional demand, long-term holding strategies, and the permanent loss of a significant portion of the total Bitcoin supply — creating unprecedented scarcity for the world’s leading cryptocurrency.
Abdumalik Mirakhmedov, Founder and Executive President of GDA, one of the world’s largest Bitcoin mining companies, explains:
“There can only ever be 21 million coins, and almost 20 million have already been created.
“Big investors are taking millions of Bitcoins out of circulation, while millions more are sitting unused or have been lost over time. This growing shortage could turn out to be one of the most important supply squeezes in Bitcoin’s history, shaping the future of the network.”
Mirakhmedov, who will speak at Bitcoin MENA in Abu Dhabi next week, points to analysis indicating that — after accounting for long-term holders and an estimated 18% of coins considered permanently lost — the liquid, tradeable supply may be as low as six million coins.
“Producing more Bitcoin, or manipulating it, to meet growing demand is not possible,” he added. “Unlike fiat currencies or commodities, there is no central authority. Once the cap is reached, no new supply will ever enter the market.
“This fixed supply structure gives Bitcoin its appeal as ‘digital gold’ and paves the way for extreme scarcity, especially when most of the remaining Bitcoin is being secured by long-term holders and institutional investors.”
According to Mirakhmedov, the structural shift in the Bitcoin market — once dominated by retail traders — is accelerating due to several major trends:
• The rise of spot Bitcoin ETFs: These funds require physical Bitcoin to be held in custody, locking large amounts away from circulation.
• Institutional and government adoption: Corporate treasuries, major banks, and national governments such as El Salvador are accumulating Bitcoin as a reserve asset.
• Lost coins: Millions of coins from Bitcoin’s early years are considered unrecoverable due to lost keys or destroyed hardware.
“Banks, pension funds, insurance companies, sovereign wealth funds, and asset managers are increasing their exposure to Bitcoin,” he said. “They typically hold for decades, and once Bitcoin is in their hands, it rarely returns to the market.
“With dormant coins, ETF holdings, government reserves, institutional custodians, and long-term retail owners, the amount of Bitcoin you can actually buy is shrinking rapidly. This isn’t just sentiment or market cycles — it’s a structural transformation in how Bitcoin is owned, used, and valued.
“Bitcoin is shifting from a speculative asset to a long-term store of value. Each coin that gets locked away reinforces this trend. The supply squeeze isn’t coming — it’s already here.”
Mirakhmedov will join a panel on the role of Bitcoin mining in the global energy transition at Bitcoin MENA on 8th December at ADNEC Center Abu Dhabi. He will speak on the Proof of Work Stage (12:00 pm–12:30 pm) alongside Daniel Jonsson, CEO of mgmt Digital Infrastructure Fund, and Ali Alnuaimi, Founder of Shafra.
