Bitwise: institutional demand for BTC is once again outpacing supply.
According to #Bitwise, by 2025 institutions continue to "absorb" more #BTC than is produced by miners.
Key figures (YTD, as of today):
- Institutional demand: 545,600 BTC.
- New issuance: 97,100 BTC.
- Demand/supply ratio: about 5.6×.
For comparison:
- In 2024: demand 913,000 BTC against issuance 217,800 BTC (about 4.2×).
- In 2021-2023: issuance still exceeded institutional demand.
The trend reversal coincided with the launch of spot Bitcoin ETFs. Inflows into ETPs and corporate purchases propelled demand into a new orbit.
After the halving, supply decreased (by about 450 BTC/day), further exacerbating the imbalance.
Recall that #Bitwise considers "institutional demand" as net inflows into global Bitcoin ETPs and the balances of public holding companies.
If the current pace continues (and so far there are no reasons to think it won't), there won't be enough coins for everyone. A structural deficit supports a bullish long-term outlook. The prospect of a "supply shock" has not been canceled 👌.
