According to fresh data from Bitwise, ETFs and public companies have collectively purchased 975,000 BTC in 2025, while miners have only produced 136,000 BTC over the same period, a supply-demand gap of more than 7x.
The imbalance highlights a rapidly tightening market where institutional inflows continue to outstrip new supply, signaling that Bitcoin’s circulating availability is vanishing faster than ever.
ETFs and Corporates Lead the Charge
The surge in institutional demand follows months of sustained inflows into spot Bitcoin ETFs and public treasury acquisitions. Data compiled by Bloomberg, Glassnode, and Bitcointreasuries.net shows that institutional Bitcoin demand has grown consistently since 2020, but 2025 marks the most aggressive accumulation phase to date.
- In 2020, institutions bought 446,000 BTC, nearly matching the 453,000 BTC created by miners.
- By 2024, that figure soared to 913,000 BTC, quadrupling annual issuance.
- Year-to-date in 2025, the 975,000 BTC absorbed by institutions dwarfs the 136,000 BTC mined, creating a structural deficit not seen before in Bitcoin’s history.
Bitwise analysts note that ETFs now act as “black holes” for Bitcoin liquidity, locking up supply that rarely re-enters the market.
Supply Crunch Meets Halving Dynamics
The timing of this record-breaking demand compounds the post-halving supply squeeze, with daily Bitcoin issuance already halved earlier this year. As ETF inflows persist, analysts suggest that even moderate retail participation could intensify upward price pressure into 2026.
“Bitcoin’s circulating supply is shrinking while institutional hoarding accelerates,” Bitwise commented in its note. “This creates a structural imbalance where demand vastly exceeds available float, a textbook setup for long-term appreciation.”
The Road Ahead: Institutional Era in Full Swing
With the combination of ETF inflows, public treasury holdings, and limited new issuance, 2025 has effectively ushered in Bitcoin’s institutional era. The data signals a critical shift, from speculative retail cycles to sustained strategic accumulation by funds, corporations, and sovereign wealth entities.
If the trend continues, the market could soon face what analysts are calling a “true supply shock,” one that tests liquidity across exchanges and propels Bitcoin toward new all-time highs.
As Bitwise summarized:
“Institutions aren’t waiting for dips anymore. They’re buying what little Bitcoin is left.”
