CryptoQuant: Corporations continue to enter BTC, but the pace is clearly slowing down.
According to #CryptoQuant and bitcointreasuries.net, in 2025, 117 new companies added #BTC to their balances - this is a record figure in absolute numbers, but not in momentum.
The main thing is not how many entered, but when. The dynamics of entry in 2025. The peak corporate demand occurred in the middle of the year:
- First quarter - 16 companies,
- Second quarter - 39,
- Third quarter - 53 (currently the peak of the cycle),
- Fourth quarter - 9 (sharp decline in interest).
The year started cautiously, then companies entered en masse during the BTC rise, but in the second half of the year, we see a clear cooling. August-September became the last "wave," after which the momentum for adoption faded.
The structure of corporate holdings is the main point to emphasize. Most corporate holders are small players, not new (Micro)Strategy:
- Less than 500 BTC - 147 companies,
- 500-999 BTC - 15 companies,
- 1000-1499 BTC - 14 companies,
- 1500-2000 BTC - only 4 companies.
This indicates that corporate demand in 2025 was broad but shallow. Major leaders forming strategic reserves are still few. The market currently lacks new institutional "whales" that can move the price trend on their own.
Why is this important for the BTC market?
- A strong peak in summer confirms that companies react to price increases rather than anticipate them - this is reactive demand, not proactive/strategic. In other words, they act largely like retail.
- The slowdown in entry during autumn and early winter shows that expectations have become more cautious - partly due to the Fed's policy and tightening financial conditions.
- The holder structure indicates that institutional distribution in BTC is still forming, and there is still significant room for growth of "first-tier" capital here.
2025 became the year of record inflow of new corporate participants, but not the year of institutional "breakthrough." There is mass interest, but so far, the main drivers remain medium-sized companies with small allocations. For a real cycle of institutional demand for BTC, we need not hundreds of new holders with 100-300 BTC, but dozens of new players at the fund or public company level, ready to buy in thousands and even tens of thousands. This is the next challenge in institutional adoption.
