🔒 Bitcoin is No Longer for Everyone? Structural Supply-Demand Shift Is Quietly Reshaping Market Consensus 📊 OKG Research Data: ・As of April 22, 2025, nearly 90 public companies collectively hold over 710K BTC, representing 3.2% of total supply; ・Compared to 307K BTC held in April 2024, this marks a +130% year-over-year increase; ・@MicroStrategy alone holds 538,000 BTC, while the top 10 companies collectively control 94.5% of all corporate BTC holdings; ・Meanwhile, new BTC address creation is trending downward, with active transaction frequency at cycle lows. 1️⃣ Despite persistent global macro uncertainty, institutional capital continues to build positions—not to speculate on volatility, but to secure future reserve-grade exposure. 2️⃣ Scarcity is shifting from supply limits to liquidity constraints. Cold wallets, ETFs, and corporate treasuries are locking up coins—circulating BTC is disappearing at the margins. 3️⃣ Fewer new users on-chain is a side effect of BTC’s value migration. Bitcoin is evolving from a trading vehicle to a strategic allocation tool. 🧱 OKG Research Insights: ➡️ Bitcoin’s real inflection point isn’t about price—it’s about structure. Declining new addresses don’t reflect waning interest, but a shift in who controls the narrative. ➡️ BTC is entering a new structural phase of non-sovereign reserve status + silent accumulation, with its scarcity now defined not by total issuance—but by what’s still accessible. ➡️ In today’s capital hierarchy, Bitcoin is emerging as the on-chain equivalent of a digital sovereign bond: no central bank backing—yet increasingly integral to global balance sheets. #Bitcoin #BTC #InstitutionalAdoption #PublicCompanies #CorporateTreasury #MacroFinance #OnchainData #BTCMetrics #SupplyDynamics #LiquidityAnalysis #AddressTrends