MSTR Market

BTC Demand Drivers

Who is buying Bitcoin, who is selling, how much, and how it correlates with price. Monthly, quarterly, and annual views across ETF flows, Strategy purchases, sovereign buyers, miner selling, and structural outflows.

Period
Metric
Demand inflows + BTC price
ETF Inflows Strategy Sovereign/SWF Mining supply BTC price (right)
Sell-side outflows + BTC price
GBTC redemptions Miner selling Gov sales ETF outflows LTH distribution BTC price (right)
Supply / demand summary (annualised)
Annual mining (post-halving)
~164K BTC
~450/day x 365
Strategy 2025
~258K BTC
Purchased in CY2025
ETFs 2025 net
~500K BTC
Net inflows estimated
Structural deficit
Severe
Demand > 4x annual mining
DateBTCUSD ($M)Avg price