Expert Observes Waning Institutional Interest in Bitcoin

Institutional demand for digital gold has diminished, says Charles Edwards.

Institutional demand for digital gold has diminished, according to Charles Edwards, founder of Capriole. For the first time in seven months, the net purchase volume has fallen below the daily issuance of the asset.

Won’t lie, this was the main metric keeping me bullish the last months while every other asset outperformed Bitcoin. The trend could flip tomorrow, next week, or in 2 years. But right now we have 188 treasury companies carrying heavy bags with no business model and a lot less… https://t.co/ECTv3Klbmf

— Charles Edwards (@caprioleio) November 3, 2025

He stated that this indicator was the main bullish factor in recent months. Edwards noted that the trend maintained optimism while other digital currencies showed better performance than the leading cryptocurrency.

“Won’t lie, this was the main metric keeping me bullish. But right now we have 188 public companies with ‘heavy bags’ [of bitcoins], no business model, and significantly less interest from institutional buyers,” he wrote.

Edwards added that the current trend could change at any moment. However, at present, the market is experiencing a situation with significant bitcoin reserves held by corporations and declining demand from new major players.

Strategy and New Shares

The largest public holder of the leading cryptocurrency, Strategy, filed for the issuance of 3.5 million preferred STRE shares, denominated in euros. The funds raised will be directed towards general corporate purposes, including the purchase of bitcoin.

The nominal value of one STRE is €100. They offer an annual dividend yield of 10% with quarterly payments starting December 31, 2025. In the event of non-payment, dividends will accumulate at an initial rate of 11% and increase by 100 basis points per period up to a maximum of 18%. The offering is subject to market conditions.

Earlier, Strategy announced the purchase of 397 BTC worth approximately $45.6 million. The average acquisition price was $114,771. The company now holds 641,205 BTC.

Strategy has acquired 397 BTC for ~$45.6 million at ~$114,771 per bitcoin and has achieved BTC Yield of 26.1% YTD 2025. As of 11/2/2025, we hodl 641,205 $BTC acquired for ~$47.49 billion at ~$74,057 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/yJfoyeNzCm

— Strategy (@Strategy) November 3, 2025

Founded by Michael Saylor, the firm began implementing its bitcoin strategy in August 2020, investing $250 million of its own funds. Strategy pioneered the so-called digital asset treasury (DAT) model, using equity and debt capital to finance cryptocurrency purchases.

Saylor anticipates bitcoin’s price reaching $150,000 by the end of the year. He believes that in four to eight years, the asset could hit $1 million.

.@Strategy‘s @saylor tells @sam_vadas he sees bitcoin hitting $150,000 by year-end.

“In the four to eight year time frame, I think bitcoin goes to a million dollars a coin,” he says, adding that it could “appreciate 29% a year for 21 years” — reaching $21 million.

For more… pic.twitter.com/jdPkIcpCl1

— Schwab Network (@SchwabNetwork) November 3, 2025

The businessman also suggested that with an annual growth of 29% over 21 years, the price of the leading cryptocurrency could reach $21 million.

At the time of writing, Strategy’s shares (MSTR) are trading at $264.67 (-1.8% for the day).

The price of bitcoin is ~$104,300 (-3.4% over 24 hours).

In October, S&P Global Ratings assigned Strategy a credit rating of B-, categorizing its securities as “junk” bonds.