Over 7 Million Bitcoins May Be Lost Forever, Study Finds

A new report from Cane Island reveals a startling truth about Bitcoin’s supply: by late 2025, over 7 million BTC could be permanently lost—more than one-third of all coins ever mined.

These losses stem from forgotten passwords, destroyed wallets, inaccessible keys, and coins sent to burn addresses.

While better storage tools and increased user awareness have slowed the pace of loss—from 4% in 2020 to 3.3% in 2025—the total number of inaccessible coins continues to rise.

The report also argues that Bitcoin’s true market value may be significantly overstated, as current metrics count the full supply, including coins that will never circulate again.

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Satoshi Nakamoto, Bitcoin’s pseudonymous creator, once noted that lost coins boost the value of the remaining supply—an unintended “donation” to other holders.

However, as the scale of these losses grows, it raises broader concerns about liquidity, long-term accessibility, and how accurately Bitcoin’s market cap reflects real, usable assets in the ecosystem.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.