Only 20% of all btc is actually traded regularly.
https://blog.chainalysis.com/reports/bitcoin-market-data-exchanges-trading
- Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment .
- Another 20% hasn’t moved from its current set of addresses in five years or longer. We consider this lost Bitcoin .
- That leaves just 3.5 million Bitcoin — or 19% of all mined Bitcoin — that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading .