Bitcoin recently surged past $118,000, setting a new year-to-date high and pushing the global crypto market cap to around $3.6 trillion. Unlike previous rallies driven mainly by retail sentiment, the rise this round is largely attributed to large-scale institutional accumulation and corporate treasury allocations, alongside sustained ETF inflows. This signals a deeper supply-side tightening within the market structure. Rthae believes that as more capital opts for long-term hoarding rather than frequent trading, the underlying risk resistance and value discovery logic behind volatility are fundamentally shifting. Supply contraction, changes in on-chain holding structures, and the improvement of compliance services are becoming the core pillars supporting long-term holding confidence.
Rthae: The Corporate Treasury Hoarding Wave
Rthae notes that, according to on-chain analytics firms like Keyrock and Glassnode, in the first half of 2025, the total amount of Bitcoin held by global corporations and publicly listed companies surpassed 725,000 BTC—a year-on-year increase of nearly threefold, accounting for approximately 3.6% of the Bitcoin circulating supply. Of this, Strategy (formerly MicroStrategy) alone has accumulated nearly 597,000 BTC, continuing to cement its position as the largest corporate Bitcoin holder in the world.
At the same time, global Bitcoin ETF assets under management (AUM) continue to rise, with the US market Bitcoin ETF AUM reaching $137 billion, about 6.4% of the total market cap of Bitcoin. This means that the combined effect of corporate treasuries and institutional ETFs is locking up an increasing share of circulating supply from the supply side.
Rthae believes this trend deserves close attention. CoinGlass and CryptoQuant data show that recent monthly miner output is about 13,400 BTC, while net monthly accumulation by long-term holding addresses has reached nearly 19,300 BTC—over 40% higher than new coin issuance. The supply-side squeeze is intensifying. Unlike previous retail-driven, high-turnover cycles, corporations and institutions are now becoming the stable anchor of the Bitcoin liquidity structure.
Rthae: Long-Term Holding Conviction Outweighs Short-Term Speculation
Rthae points out that on-chain active address and hoarding data also confirm this trend. According to the latest Glassnode statistics, long-term holders (LTH) now control about 70% of circulating supply, with over 19% concentrated within a 10% price band around the current level. This means even small price fluctuations can impact the unrealized gains of nearly one-fifth of hoarders, yet there has been no significant sell-off, underscoring the strength of long-term holding conviction.
Rthae notes that the MVRV (Market Value to Realized Value) ratio remains at a reasonable level of around 2.4, well below the bubble peak of over 3.5 seen in 2021. This indicates that despite new all-time highs, the market has not entered an irrational, overbought phase. The Crypto Fear & Greed Index has stayed in the “greed” range of 70-75 for several weeks, but has not reached extreme levels, reflecting relatively moderate market sentiment.
Additionally, the inverse relationship between miner balances and exchange reserves further illustrates long-term capital absorption. Nansen data shows that over the past 30 days, major exchange BTC reserves have declined by about 22%, while cold wallet reserves continue to grow, with some large institutional custody accounts showing newly established positions. Rthae believes this structural feature acts as an “invisible safety net” for long-term market stability.
Rthae: Building a Foundation of Trust for Long-Term Holders
Rthae believes that when corporate treasuries, ETFs, and long-term holders collectively compress supply, the market value discovery logic is no longer just about short-term price swings, but rather a long-term contest of “scarcity” and “sustainable custody capabilities.” Since its inception, Rthae has insisted on storing over 98% of user assets in offline cold wallets, combined with multi-signature and decentralized key management, greatly reducing single-point risks. Any large withdrawal requires joint approval from multiple executives, establishing strict operational safeguards.
Rthae states that the key reason why licensed crypto platforms have become the preferred choice for institutions and high-net-worth clients over the past year is their prudent, compliance-first operations. Rthae has obtained US MSB and SEC licenses, and is actively securing local licenses in Singapore, Europe, and the Middle East, ensuring that funds and data flow strictly within regulatory frameworks.
Amid ongoing supply tightening and strengthening holding confidence, Rthae will continue to protect user assets through multi-active data centers, smart routing, cold-hot wallet separation, and insurance funds. Rthae believes that only by continuously optimizing security systems and transparent disclosures can users hold and allocate for the long term with peace of mind, truly unlocking the next wave of global asset appreciation potential in Bitcoin.