According to Coindesk data, Bitcoin has stabilized around $108,716, but behind the flat rate action there are signs of a potential breakout as both retail and institutions increase their accumulation.
On August 29, Bitwise’s European research director André Dragosch noted that Bitcoin’s corporate adoption is accelerating at a historic pace. He said that in July and August alone, 28 new Bitcoin financing companies were established, with over 140,000 BTCs increasing the total holdings of the company.
That figure is roughly equivalent to the total amount of new Bitcoin mined in a year (approximately 164,000 BTC), highlighting how demand from the Treasury is delivered faster than it is produced.
The accompanying Bitwise Chart showed a sharp upward curve highlighting the increasingly treating Bitcoin as a reserve asset in the Michael Sailers Strategy (MSTR) mold.
Added 140,600 BTC to Bitwise (Bitwise/x) from July to August
A while later, Dragosch worked on a popular narrative among analysts where Bitcoin could “top out” in 2025 due to previously seen post-harving cycle patterns. He argued that such thinking overlooks the scale of today’s institutional demand.
Demand for facilities exceeding 6x more supply in 2025, bitwise data shows bitwise/x).
His chart shows that as of August 29, 2025, institutional demand has absorbed over 690,000 BTC compared to new supply of BTC of over 109,000, indicating that demand is about 6.3 times greater than the supply.
Although Dragosch described it as nearly seven times more, the exact ratio still shows an extraordinary imbalance that challenges comparisons of historical cycles. For investors, semi-driven supply dynamics are less important in the current era of institutional adoption.
Two days ago, on August 27th, Dragosh pointed out a retail purchase as another driver. He said accumulation rates across all Bitcoin wallet cohorts (from small owners to whales) have reached their highest level since April. In his words, investors seem to be “accumulating mercilessly.”
The attached bitwise chart shows a sharp upward movement between wallet groups, suggesting that retail demand is lined up in institutional flow. Historically, synchronized accumulation across the cohort has often preceded major upward movements, and the current environment is noteworthy for bulls.
The Bitcoin Wallet Cohort shows the strongest accumulation since April 2025 (bitwise/x)
Despite the accumulated data, Bitcoin has hardly changed at $108,716 in the last 24 hours, according to Coindesk data. The market is waiting for a more clearer catalyst.
Highlights of price analysis
(Always UTC)
- According to Coindesk Research’s Technical Analytics Data Model, from August 30th to August 31st, between 15:00 and 14:00, BTC traded within the $2,150 range, fluctuating between $107,490 and $109,640.
- A large amount of purchase support appeared at nearly $107,800. There, the volume was above the daily average and the main short-term floor was established.
- The resistance formed at around $109,600, with repeated rejection showing pressure to benefit.
- In the final 60 minutes of the analysis period, BTC swung from $109,250 to $108,700 before closing nearly $108,900, indicating a stable level of support with continued volatility.
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