Institutional appetite for Bitcoin is dwarfing new supply, according to data released by Bitwise Asset Management. The firm estimates that professional investors have accumulated about 690,710 Bitcoin since the start of 2025, while miners produced only 109,072 coins during the same period. The imbalance means demand is running roughly six times the pace of fresh issuance, intensifying the market’s long-running scarcity narrative. Separately, 28 companies collectively spent roughly $15.9 billion on Bitcoin over the past two months, underscoring the scale of recent corporate accumulation. The figures highlight growing mainstream acceptance of the largest cryptocurrency as a balance-sheet asset and could add to upward pressure on prices if the trend persists.