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Bitcoin ETF surge is emerging as the most decisive factor shaping the cryptocurrency’s outlook in 2025, according to Michael Saylor, executive chairman of Strategy. Speaking to CNBC’s Closing Bell Overtime on Tuesday, Saylor said the combined pressure from corporate treasury buyers and exchange-traded funds is overwhelming Bitcoin’s daily miner supply.
“Companies that are capitalizing on Bitcoin are buying even more than the natural supply being created by the miners,” Saylor explained. “That is putting upward pressure on the price.”
On average, miners produce around 900 Bitcoin daily, according to Bitbo data. Yet, a recent report from River revealed that businesses have been purchasing approximately 1,755 Bitcoin per day in 2025.
Exchange-traded funds have added another layer of demand, acquiring an estimated 1,430 Bitcoin per day this year. This Bitcoin ETF surge, Saylor noted, could position the market for significant upward movement before the close of 2025.
Bitcoin has traded in a tight band, fluctuating between $111,369 and $113,301 in the past 24 hours, while its seven-day range has extended from $111,658 to $117,851, data from CoinGecko shows.
The market also endured a sharp correction on Monday, with traders liquidated out of nearly $2 billion positions—one of the largest flush-outs of the year. Analysts attributed the move to technical trading factors rather than deteriorating fundamentals.
Saylor remains optimistic despite these short-term disruptions: “I think that as we work through the resistance of late and some macro headwinds, we’ll actually see Bitcoin start to move up smartly again toward the end of the year.”
His comments suggest that the Bitcoin ETF surge, coupled with institutional buying, is reshaping market expectations even in the face of volatility.
Saylor outlined two main categories of Bitcoin-buying companies. The first includes operating companies that might otherwise return capital to shareholders through dividends or buybacks but instead opt to hold Bitcoin as a treasury reserve asset.
“That actually improves their capital structure. It strengthens those companies. There’s a lot of those,” he said.
Bitbo currently tracks at least 145 companies with Bitcoin on their balance sheets, including Strategy itself, which holds 638,985 BTC. This growing trend underscores the role of corporate adoption in sustaining the Bitcoin ETF surge and creating a tighter supply environment.
The second category, which Saylor described as “true treasury companies,” is using Bitcoin not only as a reserve asset but as a foundation for issuing digital financial instruments.
“The world ran on gold-backed credit for 300 years. The world’s going to run on digital gold-backed credit for the next 300 years,” Saylor said. “So treasury companies are holding digital capital and creating digital credit instruments.”
He argued that Bitcoin is becoming the ideal collateral in modern financial markets:
“There’s a huge demand for equity and credit instruments in traditional capital markets. Bitcoin is emerging as the ideal form of digital capital to back those instruments.”
This narrative positions the Bitcoin ETF surge as not only a short-term price driver but also a cornerstone in the evolution of global finance.
