Bitcoin Lost Supply Hits Record 3.56M Coins

The 'lost supply' metric is inherently an estimate, so its record high is less a market event than a reminder of how much of Bitcoin's supply sits outside observable circulation. For market structure, the more relevant point is that this amplifies the impact of any given flow, since a smaller effective float can move on relatively modest demand. Whether this framing gains traction as a scarcity narrative is the open question; the metric itself is not a new flow and does not change near-term supply dynamics.