Opening Bell - Issue 64

Opening bell | Issue #64 report highlights:

While attention has focused on ETF outflows and Strategy pausing its Bitcoin buying, the broader supply picture tells a different story. US spot Bitcoin ETFs have reduced holdings by more than 86,000 BTC this year, while exchange balances have increased by nearly 95,000 BTC, bringing more liquid supply back to the market.

However, corporate treasury companies have emerged as a major source of demand, collectively acquiring almost 190,000 BTC in 2026. This is more than double the amount of new Bitcoin produced through mining, suggesting that institutional demand remains strong despite softer ETF flows.

At the same time, smaller investors are returning. Wallets holding less than 1 BTC have accumulated nearly 30,000 BTC this year, while addresses holding between 1 and 10 BTC have added more than 8,000 BTC, marking their first meaningful period of accumulation since spot ETFs launched in 2024.

The result is a more balanced Bitcoin market than headlines suggest. Ownership is becoming increasingly distributed across corporate treasuries and smaller holders, indicating that underlying demand remains resilient even as traditional institutional flows moderate.