Institutional selling in Bitcoin has hit a new extreme, with big players offloading around 4.6 times the daily supply miners add to the network, according to Capriole Investments founder Charles Edwards.
Edwards posted on X a chart of his “Net Institutional Buying” indicator — a measure that tracks changes in institutional Bitcoin holdings by aggregating the balances of spot Bitcoin ETFs and corporate digital-asset treasuries (DATs). Spot ETFs buy and custody BTC on behalf of investors, giving traditional-market exposure to the asset without direct on‑chain custody; DATs are companies holding BTC on their balance sheets, offering another regulated route for institutions into the market.
The chart shows institutions were heavy accumulators during Bitcoin’s April–May rally, but that trend has reversed sharply. Net Institutional Buying has plunged into the deepest negative reading on record — a clear signal that institutional distribution is now at an all-time high. Edwards highlights that the selling pressure coming from these institutional channels equals roughly 460% (about 4.6x) of the daily mining inflation, meaning institutions are moving supply several times faster than new BTC is being minted.
Breaking down the flows, Edwards’ data show the selloff is being driven primarily by spot ETFs, while corporate treasury holders have continued to add to their positions on net. That divergence suggests funds are the main source of distribution even as some firms maintain or increase holdings.
Price-wise, Bitcoin dipped below $61,000 earlier in the pullback but has since recovered modestly and is trading around $62,300. The scale of institutional selling — particularly via ETFs — could add notable selling pressure to the market while corporate buying offers a partial counterbalance.
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