Why did Bitcoin’s largest buyers suddenly stop accumulating?

For most of 2025, Bitcoin’s floor looked unshakable, supported by an unlikely alliance of corporate treasuries and exchange-traded funds. Companies issued stock and convertible debt to buy the token, while ETF inflows quietly soaked up new supply. Together, they created a durable demand base that helped Bitcoin defy tightening financial conditions. Now, that foundation is beginning to shift. In a Nov. 3 post on X, Charles Edwards, founder of Capriole Investments, stated that his bullish outlook has weakened as the pace of institutional accumulation has waned. He noted: “For the first time in 7 months, net institutional buying has DROPPED...