Institutions Buy 76% More Bitcoin Than Miners, Capriole Says

Institutional Bitcoin buying has outpaced miner supply in 2026, with institutions acquiring more BTC per day than miners produced, according to data from quantitative fund Capriole Investments. Capriole’s Net Institutional Buying metric, which includes corporate treasuries and US spot Bitcoin ETFs, recorded eight straight “green” days, meaning net institutional demand exceeded newly mined supply on each day.

On Monday that excess demand totaled about 76%. Capriole founder Charles Edwards said on X, “Institutions are once again net buyers of Bitcoin,” and the data show flips like this have preceded strong BTC/USD gains since 2020 — an average increase of roughly 109%, with the previous flip sparking 41% upside.

The surge follows a period of uncertainty over the new year after two months of demand weakness, and major corporate players are again showing interest in BTC exposure. Network economist Timothy Peterson wrote on X that history favors a return above $100,000 for Bitcoin this month, noting that three consecutive months of declines have occurred nine times since 2015 and that one month later BTC was positive 67% of the time; he also calculated a smaller average gain of 15%.

BTC/USD returned to $94,000 after Monday’s Wall Street open, reaching its highest levels since mid-November.

Key Topics

Crypto, Bitcoin, Capriole Investments, Charles Edwards, Timothy Peterson, Bitcoin Etfs