Despite significant bitcoin accumulation by U.S. exchange-traded funds (ETFs) and companies like Strategy (MSTR), broader market demand for the leading crypto asset has contracted sharply, effectively offsetting potential price gains and preventing new all-time highs, according to a July 3, 2025, analysis by Cryptoquant researchers. Institutional Bitcoin Buys Can’t Offset Market-Wide Demand Slump, Cryptoquant Study
