The short answer is yes, based on Will Clemente.
A short thread on the liquidity of Bitcoin supply: This plays a large role in Bitcoin’s price appreciation as more coins are locked up over time. (Paired with the fact that Bitcoin’s supply is programmatically scarce & inflation rate cuts in half every four years)
Over Bitcoin’s existence, illiquid supply is up only. Using July 19th 2009 as a starting point, on average illiquid supply increases by 1,117,230 BTC a year. Over the same time period, the median change is 855,263 BTC.
Subtracting illiquid supply from circulating supply gives you 4,375,356 liquid coins. Using the average from above, it would take just 3.9 years for all supply to become illiquid at this rate. Using the median, still just 5.1 years. *doesn’t account for new supply issuance
Am I literally saying all coins will become illiquid? No, absolutely not. Higher prices will incentivize selling. Just using these figures to make a point: Over time, more supply gets locked up as less supply comes on the market. With a long enough time horizon: Up Only.