Bitcoin "Secret of the Surge" Research Report: Corporate Procurement Speed is Four Times the Output of Mining

Companies and ETFs are absorbing Bitcoin daily at a rate far exceeding miners’ output, reshaping the market structure of Bitcoin due to supply and demand gaps (Background: Santiment analyst: The market’s call for buying the dip is growing louder, potentially further from Bitcoin’s bottom). (Additional context: Bitcoin has returned to 109,000, Ethereum has broken through 4,400 USD; next week to watch: non-farm payroll report, unemployment benefits, Fed officials’ discussions). In the landscape of crypto assets in 2025, Bitcoin (Bitcoin) once again becomes the focus. According to River’s latest report, companies, ETFs, and governments are collectively buying far more than the miners’ average daily output of about 450 BTC. When the buying speed approaches four times the mining capacity, the supply-demand balance has clearly tilted, and the market is beginning to worry about when the “supply shock” will officially arrive. Companies and institutions are buying four times more: How is the gap formed? River’s data shows that companies absorb 1,755 BTC daily, ETFs and other investment vehicles absorb 1,430 BTC, and even government agencies purchase an average of 39 BTC daily. In other words, all new coins released by miners, along with an additional nearly three times the demand, are completely consumed by the capital market. This phenomenon differs from the supply-demand tension following the “third halving” in 2020, as the driving force has now shifted from retail investor sentiment to institutional funds. Capital giants continue to allocate Bitcoin under the logic of increasing gold holdings, causing circulating supply to shrink rapidly. Whale effect: Market liquidity rapidly depleting. According to BitcoinTreasuries.net statistics, as of the second quarter of this year, companies hold a cumulative 3.68 million BTC, accounting for about 18% of the circulating supply. Among them, MicroStrategy holds 632,457 BTC, firmly securing the title of “largest whale.” The company’s CEO, Michael Saylor, has long absorbed chips through OTC Trading (OTC) to reduce the impact on the spot market. Observer Adam Livingston bluntly stated: “MicroStrategy’s approach is equivalent to artificially halving the Bitcoin supply.” The long-term “HODL” strategy of large whales has directly reduced the reserves on exchanges to only about 2.05 million BTC, reaching a seven-year low. Although MicroStrategy executive Shirish Jajodia believes that Bitcoin’s daily trading volume exceeds 50 billion USD, “billions of dollars in purchases will not immediately drive up prices,” the ongoing absorption still exerts long-term pressure on liquidity. Potential paths for supply shocks. As tradable chips become increasingly scarce, smaller buy orders can trigger violent fluctuations; this is the core mechanism of supply shocks. Bitcoin once reached 123,360 USD in July, and the market expects a chance to challenge 190,000 USD by the end of the year. At the same time, Bitcoin’s annualized volatility has decreased by about 75% compared to 2023, indicating that institutional funds bring a certain stability, but also increase concentration and credit risk. For example, decreased on-chain trading volume shows that some activities have shifted to off-chain solutions, such as Lightning Network, Wrapped BTC, or ETFs, reducing transparency. Follow-up observations: Institutionalization and a new pricing framework for Bitcoin. Wall Street’s strategy department has regarded Bitcoin as a “strategic reserve asset.” After President Trump takes office in 2025, regulatory attitudes and global monetary policies will remain key variables influencing capital flows. If the supply shock ultimately occurs, the Bitcoin valuation model will inevitably be rewritten: from a simple “go long on halving” narrative to a supply-demand game in a deep capital market. As the new coins mined cannot keep up with the speed at which institutions are consuming them, and exchange chips continue to dip, a new era dominated by long-term holders and highly scarce liquidity is quietly approaching. For Bitcoin, this is no longer just about price highs and lows, but about who can acquire chips in limited supply and who lists BTC as a core reserve on their balance sheet first. Market participants now face not only the next round of bulls and bears but also the potential for Bitcoin to rise as “digital gold” in a diversified global asset portfolio. The script of supply and demand imbalance is rapidly unfolding in 2025, and the future direction over the next few quarters will be determined by the continued buying power of these deep-pocketed institutions. Related reports: Don’t believe Ethereum will reach 15,000 USD by the end of the year? Analyzing Tom Lee’s prediction history: It is indeed possible within three years. Standard Chartered reaffirms Ethereum will surge to 7,500 USD by the end of the year: ETH buying is still underestimated; price corrections should be a good time to enter. Trend analysis: Can Ethereum ETH lead Bitcoin in this cycle? SharpLink’s outlook is very optimistic. <Research report: The “secret” of Bitcoin’s surge: The speed of corporate purchases is four times that of mining output.> This article was first published by BlockTempo, the most influential blockchain news media.