Fidelity has projected that 42% of Bitcoin's circulating supply, equivalent to 8.3 million Bitcoins, could become illiquid by 2032 due to increasing purchases by treasury companies. The asset management firm identified two key groups contributing to this trend: long-term holders and publicly traded companies with significant Bitcoin holdings. By the end of 2025, these groups are expected to control over 6 million Bitcoins, or 28% of the total supply. Fidelity's analysis highlights that long-term holders, defined as those who have not moved their Bitcoins for at least seven years, have consistently maintained their holdings since 2016. Similarly, publicly traded companies holding at least 1,000 Bitcoins have shown stable accumulation, with only one notable decrease in the second quarter of 2022. This trend underscores the growing trend of Bitcoin being held as a long-term asset by both individual and institutional investors.