“There are fewer bitcoins on exchanges than in 2018,” reports Fidelity Digital Assets, noting that only 2.6 million BTC remain on trading platforms. The reason — public companies have been actively purchasing cryptocurrency, removing over 425,000 BTC from the market since November 2024.

The largest player is Strategy, founded by Michael Saylor. “Since November, we have acquired nearly 286,000 bitcoins,” their report states. The latest purchase, 6,556 BTC, was made in April 2025. In Japan, Metaplanet has announced plans to double its current 5,000 BTC holdings, while Hong Kong-based HK Asia Holdings is preparing to raise $8.35 million to expand its reserves.

Analysts note that between April 19 and 23, another 15,000 BTC were withdrawn from exchanges — and it was during this time that Bitcoin’s price exceeded $93,000. “This is a sign of long-term holding, not preparation for sale,” they emphasize.

Meanwhile, market liquidity remains low. Demand has dropped by 146,000 BTC over the past month, and the number of new buyers decreased by 642,000 BTC. Spot ETFs show weak activity in 2025 — with a net outflow of 10,000 BTC compared to a 208,000 BTC inflow by the same time in 2024.

“Retail investors are playing a larger role now,” analysts say, citing the Exchange Whale Ratio dropping below 0.3. However, the market remains volatile, and for Bitcoin to confidently break $98,000, a new wave of strong demand will be needed.