Businesses are currently absorbing Bitcoin at a rate four times greater than the rate at which new coins are being mined, according to a recent report by River, a Bitcoin financial services company. This imbalance between supply and demand is primarily driven by increased adoption from both private and public companies, as well as exchange-traded funds (ETFs) and other investment vehicles.

River's research indicates that businesses, including publicly traded Bitcoin treasury companies and conventional businesses, are collectively purchasing approximately 1,755 BTC per day. In addition, ETFs and other investment vehicles are acquiring an average of 1,430 BTC daily, while governments are purchasing around 39 BTC per day. In contrast, Bitcoin miners are currently producing approximately 450 new BTC per day. This figure reflects the halving event that occurred in April 2024, which reduced the block subsidy to 3.125 BTC per block.

This significant disparity between Bitcoin demand and supply has led to concerns about a potential supply shock, especially as Bitcoin exchange reserves have decreased to multi-year lows. Data from CryptoQuant suggests a continued movement of Bitcoin from exchange holdings into institutional treasuries and long-term storage.

Bitcoin treasury companies, such as Strategy, play a significant role in this increased absorption. In the second quarter of 2025 alone, these companies acquired 159,107 BTC, bringing the total amount of Bitcoin held by businesses to approximately 1.3 million BTC. Strategy, led by Michael Saylor, remains the largest known Bitcoin holder, with a corporate reserve of 632,457 BTC. Some analysts have speculated that Strategy's accumulation efforts are effectively reducing the circulating supply of Bitcoin at a pace similar to a halving event. However, Strategy's corporate treasury officer, Shirish Jajodia, has clarified that their large-scale Bitcoin purchases are executed through over-the-counter (OTC) transactions and do not directly impact spot market prices.

River defines "businesses" broadly, combining Bitcoin treasury companies with conventional companies that keep Bitcoin on their balance sheets. They estimate that about 1,755 BTC per day flow into business-controlled wallets based on public filings, custodial address tagging, and their own heuristics. The infographic provided by River also shows other large institutional inflows, with funds and ETFs accounting for about 1,430 BTC per day in net inflows. Smaller streams go to "other" entities (about 411 BTC/day) and governments (about 39 BTC/day). Additionally, River records a small but steady flow into "lost bitcoin" (about 14 BTC/day), representing coins that are permanently inaccessible.

On the other side of the ledger, individuals appear as the largest net outflow at about –3,196 BTC/day. However, River stresses that this does not necessarily mean retail investors are dumping their holdings.

The current trend of businesses absorbing Bitcoin at 4x the mining rate has significant implications for the cryptocurrency market. In the short term, this accumulation rate could be a bullish catalyst, potentially driving Bitcoin's price higher. However, long-term scalability and adoption remain key questions.