Once upon a time, the main drivers of Bitcoin prices were retail investors and miners; now, the market's focus is undergoing a historic shift. Corporations are becoming the 'main buyers' in the Bitcoin market, and this trend may be pushing Bitcoin towards a new state of 'synthetic deflation.'
According to the latest report from Bitcoin research firm River, since 2025, corporations have surpassed ETFs and retail investors to become the largest net buyers of Bitcoin. Among them, only Strategy (formerly MicroStrategy), led by Michael Saylor, has contributed 77% of the new corporate holdings. So far, the company has accumulated over 157,000 Bitcoins, with a market value of up to $16 billion.
This is no longer a speculative act by a single company, but a new logic of strategic asset allocation at the corporate level. The River report points out that corporate holdings have increased by 154% since 2024, with new holders coming from various sectors, including finance, technology, professional services, real estate, healthcare, and consumer manufacturing. Bitcoin is transitioning from a 'high-risk asset' to a 'future treasury asset.'
The imbalance of supply and demand for Bitcoin is intensifying: only 450 Bitcoins are produced daily, while institutions are 'buying in tons.'
Bitcoin's economic model has long determined its scarcity. Currently, after the block reward halving, miners can only produce about 450 Bitcoins per day. Yet, just Strategy alone has purchased 13,390 BTC in a recent transaction, an amount equivalent to nearly a month's total new output.
A number of companies from around the world, including MetaPlanet, Rumble, Ming Shing, and Hong Kong Asian Holdings, have also joined the ranks of Bitcoin holders. According to a Bitwise report, in the first quarter of 2025 alone, 12 listed companies added Bitcoin to their balance sheets for the first time, resulting in a net increase of 95,000 BTC.
In other words, miners are 'mining,' while corporations are 'consuming the mined.'
CryptoQuant's chief analyst Ki Young Ju offers a key insight: because the pace of institutional accumulation far exceeds miner output, Bitcoin is operating at a 'synthetic deflation rate' of -2.3% per year.
This means that while the total supply of Bitcoin has not decreased, the available supply in the circulating market is rapidly contracting. When demand remains unchanged and available supply is exhausted, upward pressure on prices is only a matter of time.
The true manifestation of deflationary pressure: Is a synthetic halving already occurring?
Economist Adam Livingston recently proposed a highly controversial yet widely discussed concept: the 'supply compression' brought about by corporate purchases is forming a 'Synthetic Halving.' Unlike traditional halving events, the current change is not a code-determined reduction in issuance, but rather a liquidity depletion following an active reconstruction of market structure.
In his words: 'The collective behavior of Strategy and other companies is constructing an 'artificial supply-demand anchor,' allowing the Bitcoin market to enter the next tightening cycle ahead of schedule.'
This is not just a driving force behind price increases, but also a warning signal of structural market changes. It will have a long-term impact on prices, volatility, trading strategies, and the flow of funds.
The Corporatization of Bitcoin: From Cryptocurrency to 'New Asset-Liability Management Tool'
What is even more concerning is that Bitcoin's role is shifting from 'cryptocurrency' to 'asset allocation tool.' River data shows:
35.7% of corporate buyers are from the finance and investment sector;
16.8% are technology companies;
16.5% are from the professional and consulting industry;
The remaining cover multiple real sectors such as real estate, healthcare, industry, and agriculture.
These companies are not 'crypto people'; they are not here for speculation but are incorporating Bitcoin into long-term strategic management. It is being viewed as a 'digital value anchor' similar to gold, but easier to transfer and store.
Under this trend, Mlion.ai's price prediction and on-chain analysis tools will become powerful tools for observing the new cycle changes of Bitcoin. Especially as the market structure transitions from 'trading-oriented' to 'allocation-oriented,' only AI models can timely capture on-chain sediment data, address concentration changes, and supply-demand tension indexes, providing investors with genuine early insights.
The future is promising, but short-term challenges still exist.
Of course, the 'deflation narrative' of Bitcoin does not mean there are no risks:
The current price increase may bring FOMO emotions from retail investors, raising short-term volatility;
Policy risks have not yet been eliminated, especially before U.S. tax, accounting standards, and stablecoin legislation are clarified;
If market liquidity is severely compressed, it may also lead to frequent short-term liquidation events.
However, from a structural perspective, Bitcoin is undergoing a significant turning point characterized by 'de-retailization' and 'capital centralization.' This could not only enhance price stability but also elevate its asset status within the global financial system.
Conclusion: It's not 'Bitcoin deflation,' but rather 'supply is disappearing.'
Ultimately, Bitcoin is not entering a true deflation; rather, the tradable chips are rapidly 'evaporating' from the market. The continuous accumulation by corporations, institutions, and large treasuries is constructing a new monetary model—consensus-driven, concentrated chips, tightened supply, and externalized prices.
The market structure is being rewritten, and whether you can understand the logic behind it determines if you can occupy a favorable position in the next cycle.
The AI strategy diagram, on-chain whale tracking, and price sentiment prediction modules from Mlion.ai are key tools that help you penetrate the digital facade and grasp structural truths.
Disclaimer: The above content is for informational sharing only and does not constitute any investment advice!
