Bitcoin is holding steady around $108,716, according to CoinDesk Data, but behind the flat price action are signs of a potential breakout as both retail and institutions ramp up accumulation.
On Aug. 29, André Dragosch, Bitwise's European head of research, commented that corporate usage of bitcoin has picked up at a record pace. He added that July and August alone witnessed the establishment of 28 new bitcoin treasury firms and an addition of over 140,000 BTC in total corporate holdings.
That number is almost equal to the entire amount of freshly mined bitcoin in a year (which is approximately 164,000 BTC), highlighting the way treasuries' demand is absorbing supply ahead of production.
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The included Bitwise chart revealed a sharp rising curve, reflecting how firms are increasingly looking at bitcoin as a reserve asset in the model of Michael Saylors's Strategy (MSTR).
Corporate treasuries contributed 140,600 BTC in July–August, according to Bitwise (Bitwise/X)
Soon after, Dragosch took issue with a widespread narrative among analysts that bitcoin might "top out" in 2025 due to post-halving cycle tendencies in previous years. He contended that such thinking underestimates the magnitude of institutional demand nowadays.
Institutional demand exceeding supply over 6x in 2025, Bitwise data indicate (Bitwise/X)
His graph indicated that as of Aug. 29, 2025, institutional demand has taken in more than 690,000 BTC, versus a fresh supply of slightly more than 109,000 BTC, with demand being about 6.3 times greater than supply.
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Whereas Dragosch termed it virtually seven times, the exact ratio still demonstrates an abnormal imbalance defying comparisons of historical cycles. To investors, the implication is that supply dynamics driven by halving may be less important in today's day and age of institutional adoption.
Two days prior, on Aug. 27, Dragosch cited retail purchases as another catalyst. He explained the pace of accumulation among all bitcoin wallet cohorts, ranging from small holders to whales, had hit its highest level since April. As he put it, investors are "stacking relentlessly."
The Bitwise chart provided reflected steep moves to the upside on wallet cohorts, indicating that retail demand is aligning with institutional inflows. In the past, coordinated accumulation by cohorts has tended to precede dramatic upside movements, so the current setup is interesting to bulls.
Bitcoin wallet cohorts reflect strongest accumulation since April 2025 (Bitwise/X)
In spite of the data buildup, bitcoin remains little altered at $108,716 over the last 24 hours, based on CoinDesk Data, with markets patiently waiting for clearer drivers.
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Price Analysis Top Points
(All times UTC)
As per CoinDesk Research's technical analysis data model, from Aug. 30 at 15:00 to Aug. 31 at 14:00, BTC moved in a $2,150 range, ranging from $107,490 to $109,640.
Strong buying support materialized around $107,800, where the volumes surpassed daily averages, creating a crucial short-term floor.
Resistance built up around $109,600, where persistent rejections showed profit-taking pressure.
During the last 60 minutes of the analysis window, BTC fluctuated from $109,250 to $108,700 before closing close to $108,900, reflecting ongoing volatility but firm support levels.
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