If the trend continues, it will be bullish for the price of bitcoin.
For much of 2025, institutional investment was the driver of the price increase.
The demand for bitcoin (BTC) has once again been above the daily supply generated by miners. According to indicator data Institutional Buying From Capriole Investments, institutional bitcoin coffers are absorbing the available supply at a rapid pace.
This indicator estimates the net institutional demand for bitcoin in units of the currency, by combining the purchases associated with BTC-based corporate treasuries and the net flows of exchange-traded funds (ETFs), and contrasting them with the amount of bitcoin entering the market through mining.
The crossing was recorded in mid-December and marks the first time since November that net institutional purchases exceed daily issuance of new currencies.
According to the following graph, total institutional demand reached 499.55 BTC, while daily mining issuance stood at 441.15 BTC. The difference results in excess demand of 58.40 BTC per day, strengthening positions in institutional bitcoin coffers.
This behavior continued for three consecutive days, period in which institutional buyers absorbed more bitcoin than entered the market through new issuance. This relationship is reflected in the Bitcoin Mined ROC, an indicator that measures in percentage terms the difference between demand and daily supply issued by miners.
On the chart, this indicator was at 13% positive, indicating that the absorption of bitcoin exceeded the daily supply by that proportion.
The breakdown of institutional flows shows that purchases attributed to corporate treasuries totaled 1,029.32 BTC, while ETFs recorded net outflows of 529.77 BTC. Despite these departures, The aggregate balance remained in positive territory and allowed total demand to exceed mining supply.
During much of 2025, the Institutional Buying indicator recorded several sections with positive net institutional demand, coinciding with the advance of the price of bitcoin from the area of 80,000–90,000 dollars to levels above 120,000 dollars, as reported by CriptoNoticias when reaching historical highs during the month of October.
If this absorption pattern continues, it will constitute a factor of upward pressure on the price of the digital currency, by reducing the availability of bitcoin in circulation at current prices.