Analyst: Corporate treasury buyers surpass ETFs as key BTC accumulators

The primary buyers in the Bitcoin market are now companies purchasing BTC for their corporate treasuries, not spot ETFs, according to Real Vision crypto market analyst Jamie Coutts. He noted on X that while spot ETFs are absorbing approximately 1,160 BTC per day, corporate treasury purchases, led by MicroStrategy (MSTR), are generating greater demand at around 1,834 BTC daily. Coutts highlighted that MicroStrategy alone added more than 50,000 BTC in April. He also explained that the Net Excess Buyer indicator, developed by Capriole Investments founder Charles Edwards, has climbed to 576%, signaling sustained buying pressure across the market.