In the first three months of 2025, the companies around the world added almost 91.8 thousand (more than $ 7.7 billion at the rate of April 2) Bitcoin coins in their corporate accounts. However, such tremendous demand by organizations did not positively affect the price of the main cryptocurrency, which lost about 10% since the beginning of January. The analytical company Cryptoquant suggested that the cause of the fall in such demand was the sales of bitcoin by long -term investors and the outflow of capital from BTC -based exchange funds. He writes about this RBC Crypto.
The software supplier and the largest corporate Strategy Bitcoin holder Michael Seilor added more than 81.7 thousand BTC to the balance. Tether, the issuer of the largest USDT stablecoin, added 8.9 thousand BTC. The Japanese investment company Metaplanet – 2.3 thousand BTC, a technological organization from the Semler Scientific healthcare sector – 1.1 thousand BTCs, Blockchain cryptocurrency – 605 BTC. For the first quarter of 2025, these companies combined 91.8 thousand BTCs, or $ 7.7 billion on balances.
However, high demand could not prevent the price of bitcoin to lose about 10% since the beginning of January. According to April 2, 17:00 Moscow time, bitcoin quotes are at about $ 85.8 thousand, according to Binance.
Cryptoquant specializes in the analysis of onchain-data blockchain bitcoin and other cryptocurrencies. The so-called onchain analytics is a type of study of information obtained from public blockchain networks such as bitcoin and Ethereum. Blockchain technology is an open register of information with the entire history of transactions, allowing any competent person from anywhere in the world at any time to see these operations and draw his own conclusions. Cryptoquant is one of the flagship analytical companies in the direction of the analysis of onchain-data along with Glassnode and Santiment. Based on their own metrics, companies are trying to determine behavioral and price patterns and use them for forecasting.
One of the reasons for the fall in bitcoin in the first quarter was the sale of coins with long -term holders. According to Cryptoquant, the blockchain-data indicated the reduction in the balance of this group of investors by 178 thousand BTC (about $ 15 billion) in the first quarter. This is precisely what leveled corporate purchases, creating additional pressure on the price.
As another main reason for the fall of Bitcoin, experts called outflows of Bitcoin-ETF in the amount of $ 4.8 billion from the beginning of the year, which increased the pressure on the BTC.
Bitcoin long-term investors mean blockchain addresses, which hold bitcoin on the balance sheet for more than 155 days. This category of investors is considered the most resistant to market stress. It is generally accepted that they bought bitcoin at prices much lower than the current one, and sales on their part may mean a trend change.
Exchange Traded Funds, ETFs based on bitcoin provide investors with legal access to cryptocurrency through the NASDAQ and NYSE exchanges in shares format. The issuance of new shares requires the actual delivery (purchase) of bitcoin funds. Demand from such ETF provided the cryptor of a significant influx of capital and became the driver of its growth in 2024.
Low demand
In mid -March, the head of Cryptoquant Ki Young Ju expressed the opinion that the market will have to from six to 12 months of a bear trend or lateral prices. Then Ju outlined the reasons for his opinion as the lack of demand for bitcoin in the conditions of the ongoing outflow of capital.
Data on weak demand coincides with the forecast of another analytical blockchain company-Glassnode. Their information in mid -March correlates with the conclusions of Cryptoquant – Bitcoin, according to their metrics, also demonstrates weak signs of accumulation and damped demand from January.
“This U -turn indicates that macroeconomic uncertainty scared demand by reducing new tributaries and, possibly, increasing the likelihood of further pressure and long -term correction,” the Glassnode report said.
Who plans to buy
In addition to those companies that announced the addition of bitcoin to their balances, Cryptoquant called two more organizations that plan to do this. This is the largest American Mara mining company, as well as an American retail network for the sale of game consoles, computer games and Gamestop gaming accessories.
Both companies attract borrowed capital through the release of securities in order to purchase bitcoin at the proceeds. On March 31, Mara submitted documents for the placement of debt obligations in the amount of $ 2 billion – now on the balance of Mara 46 374 BTC (about $ 3.8 billion), this is the second largest volume among public companies after Strategy.
Gamestop, in turn, has already completed the sale of such securities on April 1. According to documents submitted to the US Securities and Exchange Commission, the company attracted $ 1.5 billion and at least some of them will be aimed at buying bitcoin.
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Source: Cryptocurrency

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