#BTCBreaksATH A first glance, the market seems stable. But beneath the surface, a silent supply shock is about to change the ecosystem. Matthew Hougan, CIO of Bitwise, does not mince words: "The equation is simple: there are not enough bitcoins for everyone." And he has the numbers to back up his statements. In 2025, the annual production of BTC is limited to 165,000 units. However, institutional players — mainly ETFs — have already absorbed much more than this amount. Just in the United States, incoming flows to Bitcoin ETFs exceed $6 billion and continue to grow. Meanwhile, miner reserves are dwindling and sales are becoming increasingly rare. Liquidity is drying up, slowly but surely.