Bitcoin's circulating supply has moved past 20.07 million BTC in August 2026, leaving about 4.4% of its 21 million cap still to be mined, while Changpeng Zhao said the amount effectively available to the market may be lower because 10% to 20% of mined coins could be lost, stuck, or permanently unrecoverable. That implies roughly 2 million to 4 million BTC may no longer be usable, reinforcing his view that Bitcoin is a deflationary asset because its capped supply can shrink further in practical terms as coins become inaccessible through lost private keys, forgotten passwords, or missing recovery information. The estimate broadly aligns with BitGo's range of 2.3 million to 4 million BTC, or about 11% to 18% of the 21 million supply cap. That tally includes Satoshi Nakamoto's estimated 1.1 million early BTC, which are widely regarded as dormant rather than definitively lost. Zhao's comments add to the long-running debate over Bitcoin's effective float, where the headline supply figure can overstate the number of coins actually available for trading or long-term accumulation. Separately, macro investor Raoul Pal said investors should buy and hold a small number of high-quality Layer 1 blockchains that capture real economic activity, arguing that attempts to trade the cycle can backfire. He said banks and asset managers are moving products onto blockchain rails, which he described as increasingly central to the next phase of the internet involving AI agents, and added that liquidity is flowing, the Clarity Act is coming and geopolitical noise may finally be easing. Bitcoin was trading at $63,541 at the time of writing, up 0.86% over 24 hours.