Bitcoin’s (BTC) supply on centralized exchanges has recently plummeted to a six-year low of approximately 2.83 million BTC, as reported by Glassnode, reflecting a surge in self-custody trends and aggressive institutional accumulation that reduces available sell-side liquidity.
This scarcity aspect has coincided with BTC breaking its previous all-time high, surging beyond $126,000 amid sustained demand from spot ETFs as well as the emergence of many different corporate treasuries.
The market’s bullish momentum suggests potential for further gains through the remainder of 2025, bolstered by historical patterns where reduced exchange balances signal considerably reduced selling pressure and pave the way for price appreciation.
Corporations have increasingly adopted Bitcoin as a core treasury asset in 2025, with public companies collectively holding well over 700,000 BTC—representing more than 3% of the total supply—up 16% quarter-over-quarter.
Industry players like Strategy (formerly MicroStrategy) have amassed over 640,000 BTC, using debt and equity raises to fuel ongoing accumulation, while firms such as Metaplanet and Semler Scientific have followed suit, viewing BTC as an inflation hedge and long-term value store.
This shift is said to be driven by more favorable U.S. policy changes, including the establishment of a Strategic Bitcoin Reserve and updated accounting rules allowing fair market value reporting, which have lowered barriers to entry for balance sheet integration.
The rise of Bitcoin treasuries extends to digital assets broadly, with Ethereum and Solana seeing similar introductions: public companies now hold millions in SOL for staking yields and ecosystem utility, exemplified by VisionSys AI‘s $2 billion Solana treasury plan and new firms like Solmate backed by ARK Invest.
Ethereum’s treasury adoption benefits from its DeFi dominance and ETF inflows, positioning both assets as institutional staples alongside BTC.
These innovations are fundamentally transforming the global financial system by enabling decentralized finance (DeFi), tokenization of real-world assets, and user-owned data ecosystems in Web3 and blockchain spaces.
Regulators worldwide are responding with frameworks aimed at fostering secure navigation for consumers and businesses, such as the EU’s MiCA for stablecoins and asset transparency, U.S. bipartisan bills clarifying DeFi rules, and initiatives like the SEC’s Project Crypto for harmonized oversight.
While challenges like cross-border compliance persist, these measures emphasize consumer protection, anti-money laundering, and innovation support to build confidence without stifling growth.
BTC’s price trajectory continues to appreciate post-halving events, as seen in the April 2024 reduction of mining rewards from 6.25 to 3.125 BTC, which historically precedes bull phases by curbing new supply and amplifying scarcity—past cycles showed gains of 645% to over 5,000% in the year following halvings.
Compounding this, October has proven to be a solid performer for financial markets, including Bitcoin and crypto, with BTC averaging 14-22% returns since 2013 and positive closes in most years, earning the label “Uptober” amid seasonal tailwinds like institutional flows and reduced volatility.
As Ethereum and Solana rally along with altcoins such as BNB, XRP, Tron’s TRX—ETH above $4,700 and SOL nearing $240—the broader market appears primed for continued upside, though, as always, volatility remains a key risk factor but usually not a deterrent for most of the experienced market participants.