During this period, the demand exceeded the daily supply by about 13%. This means that large investors accumulate coins faster than they enter circulation.

This dynamic suggests that newly mined coins are being fully sold out, and additional demand is being met only through supply on the secondary market.

Capriole tracks several sources of institutional activity, including treasuries, ETFs, and other large buyers. These flows combined to exceed bitcoin output by miners, which reinforced the trend towards continued institutional participation even during periods of price consolidation. At the same time, the supply of miners remained relatively stable, meaning the shift was driven by demand rather than changes in production.

Historically, such conditions have led to lower liquidity and increased sensitivity to minor changes in buying or selling pressure. Although short-term price fluctuations are still possible, long periods of net absorption can act as structural support for the market.

At the time of writing, bitcoin was trading at $87,181. Over the past day, the flagship cryptocurrency has risen in price by 0.1%, but over the week the drop was 3.5%.