Institutional BTC net purchases fall below daily mining output

Net institutional purchases of Bitcoin have fallen below the daily mining volume for the first time in seven months, according to Charles Edwards, founder of Capriole Investments. In a post on X, Edwards described this as a negative signal, noting that this metric had been the key indicator supporting his bullish outlook in recent months, even as other assets outperformed BTC. He added that while the trend could reverse, the market is currently left with 188 companies holding significant Bitcoin reserves without a clear business model and substantially diminished institutional interest.