Listed Firms & US Bitcoin ETPs Buy 3.6x New Supply

The striking part is not institutional demand itself but its scale relative to issuance: absorption running at a multiple of new supply implies a structurally tighter float, with coins moving into hands less likely to sell quickly. That shift matters most for market microstructure, where thinner available supply can amplify moves in either direction. Whether this pace persists is the open question, since it depends on continued inflows rather than any single buyer.