Bitcoin Demand Outruns Miner Supply as ETFs and Companies Keep Buying

Michael Saylor told CNBC’s Closing Bell Overtime that Bitcoin demand from ETFs and companies now exceeds miner supply.

He said steady institutional and corporate purchases continue to draw from a limited new-coin pipeline. The remarks landed on Tuesday.

According to Bitbo, miners produce about 900 BTC per day after the latest halving.

That issuance is predictable and does not adjust to short-term demand. The figure serves as a baseline for comparing inflows and outflows.

A River report estimated that in 2025 businesses acquired roughly 1,755 BTC per day, while spot Bitcoin ETFs added about 1,430 BTC per day on average.

The combined 3,185 BTC per day outpaces new supply and shifts pressure to secondary holders.

Bitcoin Price and Liquidations: Ranges and Reset

Bitcoin price traded between $111,369 and $113,301 in the last 24 hours, per CoinGecko. Over seven days, the range was $111,658–$117,851. Price remained inside this band following recent swings.

On Monday, derivatives markets saw nearly $2 billion in liquidations. Several analysts linked the flush to positioning and leverage rather than a change in long-term Bitcoin demand. The event reset risk but left the structural picture intact.

Saylor’s view addressed this backdrop. He said,

“as we work through the resistance of late and some macro headwinds, we’ll actually see Bitcoin start to move up smartly again toward the end of the year.”

The comment referenced market conditions without altering the underlying data.

ETFs and Bitcoin Demand: How the Flow Mechanism Works

Spot Bitcoin ETFs purchase or redeem shares through authorized participants who source coins in the spot market.

This process converts investor inflows into direct coin demand when creations occur. As assets under management grow, creations can become frequent.

The River estimate of 1,430 BTC per day in ETF demand reflects those net creations across issuers.

The figure aggregates daily flow rather than one-off events. It also places ETFs as a visible channel connecting traditional portfolios to Bitcoin.

Saylor said ETFs and companies together are “taking up all the natural supply.”

The claim relies on flow math: creations plus corporate purchases exceed miner issuance. Therefore, any additional demand must source coins from existing holders.

Corporate Bitcoin Adoption: Two Buyer Profiles

Saylor separated corporate activity into operating companies and treasury companies. Operating companies may choose Bitcoin as a treasury reserve asset instead of dividends or buybacks. He said that choice can reshape capital structure and liquidity planning.

He called the second group “true treasury companies” that are “capitalizing on Bitcoin.”

In his words, they hold digital capital and issue digital credit instruments with Bitcoin as backing. He compared the approach to historic gold-backed credit systems.

Bitbo tracks at least 145 companies with Bitcoin on balance sheets. It lists Strategy with 638,985 BTC. These disclosures show an expanding cohort of corporate holders alongside ETF vehicles.

Miner Supply vs. Persistent Buying: The Structural Gap

Post-halving miner supply near 900 BTC per day is fixed on short horizons. It does not rise when prices or inflows accelerate. Consequently, issuance cannot meet elevated Bitcoin demand by design.

The River figures—1,755 BTC per day from businesses plus 1,430 BTC per day from ETFs—sum to 3,185 BTC per day in 2025 averages.

The difference between that demand and issuance requires coins from secondary markets. When holders reduce selling, the available float tightens.

Saylor summarized the imbalance with a focus on arithmetic rather than sentiment. He said companies are buying “more than the natural supply being created by the miners,” which he described as “putting upward pressure on the price.”

The numbers he cited came from CNBC, Bitbo, River, and CoinGecko.

Bitcoin Demand, Macro Headwinds, and Market Context

Saylor referenced macro headwinds and recent resistance levels during the interview. He tied those factors to short-term trading conditions.

He did not change the core view that ETFs, corporations, and miner supply define the structural setup.

The recent liquidations illustrate how leverage can move price quickly. However, issuance and daily flow estimates provide a separate lens. That lens tracks who is buying, how often, and from which inventory.

As Bitcoin price trades inside the weekly band, the flow gap remains the key data point. The market continues to monitor ETF creations, corporate adoption, and miner output for confirmation of these trends.