According to Capriole, for three consecutive days, institutional purchasers absorbed more bitcoins than miners produced. During this span, demand outstripped daily supply by about 13%. This means major investors are accumulating coins faster than they enter circulation.
This trend suggests that newly mined coins are entirely purchased, and supplementary demand is met solely by the secondary market supply.
Capriole monitors several sources of institutional activity, including treasuries, ETFs, and other major buyers. These combined inflows surpassed bitcoin issuance by miners, reinforcing the trend of consistent institutional involvement even during price consolidation periods. Meanwhile, miner supply remained relatively steady, meaning the shift was driven by demand, not changes in extraction.
Historically, conditions like these lead to diminished liquidity and increased sensitivity to minor shifts in buyer or seller pressure. While short-term price swings remain possible, extended periods of net absorption may serve as structural support for the market.
At the time of writing, bitcoin was trading at $87,181. Over the preceding day, the flagship cryptocurrency appreciated by 0.1%, but a decline of 3.5% was noted over the week.
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