Many people think that a Bitcoin price of 88,000 USD is too high, but this judgment may stem from anchoring bias. Let's use on-chain data to redefine what "expensive" and "cheap" mean.

It appears that approximately 19.68 million Bitcoins have been mined, with only 1.32 million remaining unmined. But the truth is far more interesting than surface data—on-chain tracking shows that about one-third of the mined Bitcoins are lost. These coins were bought early on but are now unrecoverable due to lost mnemonic phrases, damaged wallets, and other reasons, effectively resulting in passive destruction.

This clarifies the real market liquidity situation. Excluding the lost coins, the actual circulating Bitcoin is about 5 to 6 million. Looking at the holdings structure—over 1 million held by various governments, and spot ETFs also hold over 1 million. Institutional giants like BlackRock and MicroStrategy hold 700,000 and 600,000 respectively. Satoshi's wallet still contains over 1 million. Plus, long-term hoarders and miners (who usually hold steady) add another estimated 2 million.

Adding all these together, they account for over 15 million. The truly circulating and potentially tradable Bitcoins in the market are only about 4 million.

This is the core issue—what if all these holders choose not to sell? Is there still room for prices to fall? As participants, instead of obsessing over price fluctuations, it’s better to consider the proportion you hold within the total supply. Focusing too much on short-term price movements can cause you to be left behind in the long history of crypto.