Jeff Dyment of Saphira asserts that institutional demand for Bitcoin (BTC) is not receding but instead is evolving in cyclical waves, despite recent short-term slowdowns in ETF and corporate purchases. In H1 2025, corporate BTC treasuries grew by 375% year-over-year, with public firms now holding about 4% of the total supply. Additionally, U.S. spot ETFs collectively own around 1.25 million BTC, or 6% of the total supply, just 18 months after launching. While recent purchases from entities like Michael Saylor’s strategy have noticeably decreased, Dyment argues this is part of a natural cycle rather than a decline in demand. He highlights significant growth in institutional participation, illustrated by the creation of 51 new corporate accounts in 2025, equalling the total number from 2018 to 2022. Meanwhile, options markets show that whales continue to position for upside, indicating strong institutional conviction beneath seemingly stagnant spot flows.

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