Real Vision crypto market analyst Jamie Coutts diagnosed via X that “the core buyer in the Bitcoin (BTC) market is not spot ETFs, but corporate treasury strategy-based buyers (DAT).” He explained, “While spot ETFs are currently absorbing approximately 1,160 BTC per day, corporate treasury purchases, primarily by MicroStrategy (MSTR), are forming a larger demand of approximately 1,834 BTC per day. In fact, MicroStrategy was found to have purchased an additional 50,000 BTC or more in April alone. Furthermore, the Net Excess Buyer indicator, devised by Capriole Investments founder Charles Edwards, has risen to 576%, indicating sustained buying sentiment across the market.”
