While ETF activity has moderated compared to the previous year, the impact of sustained inflows remains significant.
ETF issuers accounted for over 500,000 BTC acquired in 2024, but have added less than 35,000 BTC so far in 2025. The slowdown may reflect a stabilization of demand in the secondary market or the maturity of the initial post-approval inflow cycle.
Despite the slowdown, ETFs and corporate bonds remain the main absorbers of new cryptocurrencies. Additionally, the total amount of Bitcoin purchased so far this year indicates that institutional accumulation is absorbing all the new supply and resorting to existing reserves.
The change in the ownership structure of BTC is underway, with increasing portions of supply locked in long-term holdings by entities with multi-year horizons and lower liquidity turnover.