Coinbase Institutional has published analysis arguing that MicroStrategy's aggressive Bitcoin accumulation is tightening the cryptocurrency's supply more than the broader market anticipates. The firm's buying, part of a growing corporate treasury trend, is creating a structural shift in availability.
According to the report, digital asset treasuries now hold more than 4% of all Bitcoin. This substantial and growing allocation by corporations is removing a significant chunk of the asset from the circulating supply available to typical investors and traders.