For most of 2025, Bitcoin’s floor looked unshakable, supported by an unlikely alliance of corporate treasuries and exchange-traded funds.
Companies issued stock and convertible debt to buy the token, while ETF inflows quietly soaked up new supply. Together, they created a durable demand base that helped Bitcoin defy tightening financial conditions.
Now, that foundation is beginning to shift.
In a Nov. 3 post on X, Charles Edwards, founder of Capriole Investments, stated that his bullish outlook has weakened as the pace of institutional accumulation has waned.
He noted:
“For the first time in 7 months, net institutional buying has DROPPED below daily mined supply. Not Good.”
Bitcoin Institutional Purchases (Source: Capriole Investments)
According to Edwards, this was the key metric that had kept him optimistic, even as other assets outperformed Bitcoin.
However, with the current situation, he noted that there are now roughly 188 corporate treasuries that hold sizable Bitcoin pos
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