Who is still疯狂 buying Bitcoin?
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Who is still疯狂 buying Bitcoin?
When listed companies start becoming crypto hoarders.
Navigating Web3 tides with focused insightsBy Pzai, Foresight News
On April 24, Fidelity stated on X: "Bitcoin supply on exchanges is declining due to purchases by public companies, and this trend is expected to accelerate in the near future." Since the U.S. election, Trump's pro-crypto regulatory expectations have significantly boosted market sentiment, driving public companies to acquire nearly 350,000 bitcoins. Meanwhile, the market dynamics among exchanges, on-chain whales, and publicly listed firms are intensifying. Amid such turbulence, where is Bitcoin headed? This article analyzes key Bitcoin data metrics to provide insight into current market movements.
The current Bitcoin balance held on exchanges stands at 2.6 million, the lowest level since November 2018. Since November 2024, over 425,000 bitcoins have been withdrawn from exchanges. A pivotal moment occurred in the second half of 2024—particularly after Trump’s election victory—when substantial outflows began, coinciding with aggressive buying by U.S. public companies. This downward trend continues today, reflecting increasing efforts by various entities (especially public companies) to build up their Bitcoin reserves.
Bitcoin Exchange Reserves Trend (Source: CryptoQuant)
Since the U.S. election, public companies have collectively added nearly 350,000 bitcoins to their holdings. Taking Strategy as an example—a major holder—its Bitcoin holdings surged by 107,000 BTC within two weeks starting November 10, 2024, continuing to grow beyond 531,000 BTC, averaging about 42,000 BTC in monthly accumulation. Among public company holders, eight now hold more than 10,000 BTC each, all showing consistent growth over the past six months.
Most of these companies’ mNAV (market capitalization to asset value ratio) for Bitcoin falls between 1.4 and 2.25. If aligned one-to-one, it could unlock approximately $50 billion in additional liquidity into the Bitcoin market. Beyond the U.S., Asian public firms like Japan’s Metaplanet and Hong Kong-based HK Asia Holdings are also increasing allocations. Metaplanet CEO Simon Gerovich announced plans to double its Bitcoin holdings from 5,000 to 10,000 BTC this year.
Prior to January 2025, spot Bitcoin ETF inflows mirrored exchange outflows, with a record single-day inflow reaching 18,000 BTC, contributing significantly to Bitcoin’s price surge. Before the election, Strategy’s average holding cost was $42,000; it continued accumulating up to $67,000, underscoring strong market confidence in Bitcoin’s long-term value.
Additionally, U.S. policymakers are accelerating compliant Bitcoin reserve initiatives. According to Bitcoin Laws, three of the 27 U.S. states that have introduced Bitcoin reserve bills—Arizona, New Hampshire, and Texas—have advanced to the second submission phase, with Arizona already entering secondary review. On March 7, White House AI and cryptocurrency advisor David Sacks confirmed that President Trump signed an executive order establishing a strategic Bitcoin reserve, limited solely to bitcoins seized through criminal or civil proceedings.
On-chain data shows the U.S. government holds over 183,000 BTC—about 0.92% of the total circulating supply—with a current market value exceeding $16.4 billion. As state-level legislation progresses, this figure is likely to grow, further lowering barriers for U.S. corporations seeking to adopt Bitcoin onto their balance sheets.
For the industry, traditional capital inflows serve as a stabilizing force. Given that most public companies hold Bitcoin above their cost basis (e.g., Strategy at 1.4x, Tesla at 2.78x), their outlook remains positive. With clearer regulatory direction emerging and the so-called “Trump Reserve” taking shape, ETF inflows are rising again, potentially reinforcing the ongoing trend of corporate Bitcoin acquisition.
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