OKG Research: Acceleration of Bitcoin Scarcity Evolution from "Total Supply Limit" to "Circulation Compression"

Background Information: According to OKG Research's analysis, as of April 22, 2025, nearly 90 publicly listed companies worldwide hold a total of 710 thousand bitcoins, accounting for 3.2% of the total bitcoin supply. Compared to 307 thousand bitcoins held in the same period in 2024, this represents a year-on-year growth of over 130%, indicating a significant acceleration in structural accumulation trends.

Key Events: Among them, Strategy holds 538 thousand bitcoins, accounting for more than 75% of corporate-level holdings; the top ten companies collectively control 94.5% of corporate-level holdings. Meanwhile, the number of new addresses on the Bitcoin blockchain continues to decline, and active transaction frequency has dropped to a cyclical low.

Impact and Significance: OKG Research points out that the divergence phenomenon of "concentrated holdings + user slowdown" indicates that Bitcoin is evolving from an early-stage trading asset to a structural reserve tool allocated by institutions. Especially after the opening of spot ETFs, many traditional financial institutions and asset management accounts participate in Bitcoin market allocation more covertly and stably through off-chain subscriptions and on-chain custody.