Main Points：
- Corporate Buys vs. Holder Sell-Off: Despite companies adding a total of 91,781 BTC (approximately ¥1.1 trillion)(＄7,564,651,985) to their balance sheets in Q1 2025, Bitcoin’s price fell 12% from $94,400 to $82,500.
- Major Purchases: The largest corporate buyer was Strategy (formerly MicroStrategy), which invested about $8 billion to acquire an additional 81,785 BTC. Other notable purchases include Tether, which acquired 8,888 BTC—bringing its total holdings to 92,646 BTC—and smaller buys from blockchain companies, Semler Scientific, and Japan’s MetaPlanet.
- Planned Future Buys: Marathon Digital is planning a $2 billion equity offering for additional Bitcoin purchases, and GameStop recently completed a $1.5 billion fundraising round for its Bitcoin strategy.
- Long-Term Holder Sell-Off: A significant factor in the price decline was a sell-off by long-term holders, who offloaded approximately 178,000 BTC (roughly ¥2.1 trillion)(＄14,441,608,336) during Q1, counterbalancing corporate buys and adding heavy selling pressure.
- ETF Outflows: Additionally, about $4.8 billion flowed out of Bitcoin ETFs during the quarter, intensifying the downward pressure on Bitcoin’s price.
1. A Complex Battle in Q1 2025
CryptoQuant’s new report on Q1 2025 reveals that despite robust corporate buying—adding a total of 91,781 BTC (around ¥1.1 trillion)(＄7,564,651,985) to their balance sheets—Bitcoin’s price still fell from $94,400 to $82,500, a decline of 12%. This paradox highlights a market where long-term holders’ massive sell-offs and ETF outflows have significantly outweighed institutional purchases.
2. Corporate Purchases and Future Plans
Among corporate buyers, Strategy (formerly MicroStrategy) was the largest, investing approximately $8 billion to add 81,785 BTC to its holdings. In addition, Tether, a leading stablecoin issuer, purchased 8,888 BTC, increasing its total Bitcoin holdings to 92,646 BTC. Other players include a blockchain company acquiring 605 BTC, Semler Scientific buying 1,108 BTC, and Japan’s MetaPlanet purchasing 2,285 BTC. Future plans are also notable: Marathon Digital is planning to raise $2 billion through an equity offering for further Bitcoin acquisition, and GameStop has completed a $1.5 billion fundraising round to bolster its Bitcoin strategy.
3. Long-Term Holder Sell-Off and ETF Outflows
CryptoQuant attributes the overall price decline largely to long-term holders offloading roughly 178,000 BTC (about ¥2.1 trillion)(＄14,441,608,336) during the first quarter. This massive sell-off not only counterbalanced the corporate buying but also applied additional downward pressure. Moreover, data shows that $4.8 billion in funds flowed out of Bitcoin ETFs during the quarter, further contributing to the price decline.
4. A Tug-of-War in the Bitcoin Market
In Q1 2025, while corporate purchases injected a substantial amount of Bitcoin into balance sheets, the overall market was overwhelmed by a massive sell-off from long-term holders and significant outflows from Bitcoin ETFs. These combined factors have driven a 12% decline in Bitcoin’s price, highlighting the complex dynamics at play. Investors should monitor both corporate buying trends and long-term holder behavior, as well as ETF flows, to better gauge future price movements.
