Bitcoin (BTC) held in corporations, funds, and other treasuries are now more than 3.03M coins. Even after the latest dip under $100,000, corporate buyers moved in for new acquisitions.
Holding and controlling Bitcoin (BTC) in a self-custodial wallet is still valuable, and large-scale entities are still holding ever-growing treasuries. In the past 30 days, the supply of BTC held in corporate, government, fund-based, and other treasuries expanded to 3.03M BTC, about 14% of the token’s supply.
MicroStrategy spearheaded the corporate holdings movement and replaced the dominance of retail holders. Demand from corporate and eventually government-controlled wallets is seen as bullish for BTC in the short term, while critics often raise concerns about too much centralization and control over the asset.
Corporate treasuries are still closely watched for demand that could offset a pause in MicroStrategy’s buying. The fund, which used convertible bonds to buy BTC, paused buying during occasional weekly periods. Notably, it stopped new purchases at a time when BTC dipped as low as $91,000.
The immediate inflows of whale buying after market dips also preserved the general market sentiment. On February 3, the biggest market panic pushed the Fear and Greed Index down to 44 points. Only a day later, the behavior of traders once again signaled ‘greed,’ pushing the index back to its usual range around 72 points.
BTC is still seen as a preferable bid to Ethereum (ETH) and other altcoins. The rapid market recovery may lead to several potential scenarios. It could leave the $91,000 price behind as a local bottom then continue to a new price range. It could also suffer another drawdown to a lower range. BTC traders may still attack long positions at a lower range before clearing all liquidity for a new rally.
Mara Holdings leads renewed buying
The most recent buying accumulated several hundred BTC from the market, enough to offset some of the panic-selling. Institutional buyers acquire coins from OTC deals, but exchanges like Kraken saw outflows of whale-sized purchases for hundreds of BTC.
Mara Holdings expanded its treasury to a total of 45,659 BTC, following its first purchase in a month.
The latest purchase follows the pattern of ‘buying the dip,’ where most of the new acquisitions happen during short-term market drawdowns. A total of eight companies consolidated their BTC holdings in the past week, following the recently growing market turbulence.
The HODL Top 70 List 👇 2/3/2025
✅ 8 companies increased their Bitcoin treasury this week
✅ The Top 70 companies HODL 623,897 Bitcoin pic.twitter.com/eEmI8EPEvU— HODL15Capital 🇺🇸 (@HODL15Capital) February 3, 2025
Other recent buyers include Remixpoint, carrying 447.4 BTC and LQWD Technologies, Corp., just starting out with 141 BTC. Bitcoin Depot is a new buyer with 71.5 BTC. The recent buying expanded the list of entities buying BTC to a total of 157, though with vastly different weights for the market.
A total of 79 corporations, most commonly miners, have continued buying and adding to their BTC holdings. Some try to copy MicroStrategy’s model at a smaller scale, while retaining inflows from mining operations.
Not all BTC-buying entities are dedicated long-term holders. ETF demand makes up a large part of BTC buying, where demand can shift and switch to selling within days.
Whales switched to buying mode during recent retail capitulation
The latest drawdown of BTC from over $105,000 to $91,000 took away some of the recently accumulated retail holdings. Based on a rough estimate, retail-sized and mid-range wallets hold between 7% to 9% of the BTC supply.
The last few months also marked a shift in holdings from older whales to newer wallets created 1-3 months ago as new market participants build their positions ahead of the expected 2025 bull market.
Retail buying has built up significant holdings during previous bull markets. In the last year, however, the inflow of institutions flattened the ratio of retail to institutional addresses.
Institutional buyers kept shaking down retail holders in the past months. | Source: MacroMicro
The current price range and sideways trading action recall a previous period of accumulation, where retail was often shaken down by larger whales.
Retail holders have several price ranges within which panic could set in. In the past few months, support levels for retail holders ranged from $87,000 to $95,000. The recent shift in ownership reflects another retail panic, where larger entities could afford to buy the dip.
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