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, “Currently, while spot ETFs are absorbing approximately 1160 BTC per day, corporate treasury purchases, centered around MicroStrategy (MSTR), are forming a larger demand of approximately 1834 BTC per day. In fact, MicroStrategy reportedly purchased over 50,000 additional BTC in April alone. Furthermore, the Net Excess Buyer indicator, devised by Capriole Investments founder Charles Edwards, has risen to 576%, indicating sustained buying momentum across the market.”
