🔒 Is Bitcoin no longer 'accessible to everyone'? Structural supply and demand are quietly reconstructing market consensus 📊 OKG Research data: As of April 22, 2025, approximately 90 listed companies hold a total of 710000 BTC, accounting for 3.2% of the total BTC supply; Compared to the same period in 2024, the holdings of listed companies were approximately 307000, a year-on-year increase of over 130%; Among them, @ MicroStrategy has a monopoly of 538000 pieces, with the top ten companies accounting for a total of 94.5%; At the same time, the number of newly added addresses on the chain is showing a downward trend, and the frequency of active transactions is at a low cycle level. 🔍 Data interpretation: one ️⃣ Even though the global macro environment is still full of uncertainty Institutional funds are still steadily building positions - not betting on volatility, but locking in future global reserves. two ️⃣ Scarcity is shifting from "supply restriction" to "circulation blockade" Cold wallet ETF、 Corporate vaults continue to lock up, and 'tradable Bitcoin' is accelerating its marginal disappearance. three ️⃣ The decrease in new users on the chain is a side effect of value transition BTC is transitioning from a trading medium to a structural allocation tool. OKG Research's viewpoint: ➡️ The key turning point for Bitcoin currently lies not in its price, but in its structure. ➡️ BTC is entering a structural new paradigm of "non sovereign reserves+static fundraising", and its scarcity is shifting from total quantity restrictions to circulation compression. ➡️ In the capital order, Bitcoin is evolving into a "digital sovereign bond" on the chain; Without the need for central bank credit, it has gradually become a reserve anchor for global balance sheets. Bitcoin BTC InstitutionalAdoption PublicCompanies CorporateTreasury MacroFinance OnchainData BTCMetrics SupplyDynamics LiquidityAnalysis AddressTrends