Institutions, ETFs absorb 370k BTC as long-term supply grows

On-chain data show institutions, exchange-traded funds and structured strategies absorbed more than 370,000 BTC in April while short-term holders-wallets that moved coins within the last 155 days-sold roughly 290,000 BTC. Coins unmoved for more than 155 days rose from about 5.26 million in January to roughly 8.32 million by mid-April.

Short-term holders shed around 290,000 BTC over the past month, and long-term holders together with spot ETFs and structured products took in more than 370,000 BTC in April. Long-term holders now control about 75% of circulating supply, approximately 14.8 million BTC.

U.S. spot Bitcoin ETFs hold over 1.3 million BTC, roughly 6%–7% of total supply. ETF net inflows returned in April after a choppy first quarter, totaling nearly $2 billion in the most recent four-week period. BlackRock’s IBIT added about 21,500 BTC in nine days. Data indicate roughly 24.5% of ETF holdings are classified as institutional allocations.

Nearly 160 publicly listed companies report Bitcoin on their balance sheets, holding about 1.1 million BTC in total. Strategy, the company formerly known as MicroStrategy, purchased 34,164 BTC in the week of April 13–19, raising its holdings to over 815,000 BTC, about 3.9% of total supply.

Custodial balances on centralized exchanges fell from more than 3.2 million BTC in 2023 to under 2.7 million BTC by March 2026. Reported institutional withdrawals in late March included $1.57 billion from Bitfinex and $728 million from Kraken, reflecting transfers into custody and cold storage.

Market-flow analysis and on-chain metrics show institutional demand in early 2026 absorbing roughly six times the amount of daily new issuance from mining and effectively purchasing close to 100% of newly minted coins. One set of on-chain indicators identifies a $74,000–$75,000 range as an area where professional buyers have increased activity.

ETFs recorded net inflows in April while the Crypto Fear & Greed Index registered ‘Extreme Fear’ levels of 7–9. Morgan Stanley launched a Bitcoin ETF in April with a 14 basis-point fee. Regulatory changes in late 2025 and early 2026 enabled broader institutional participation through regulated products and retirement plan allocations.

On-chain indicators show a growing share of Bitcoin moving into ETF custody, corporate vaults and cold storage, reducing liquid supply on exchanges and lowering market velocity. Analysts tracking these flows document the rise in coins held long-term and the corresponding drop in exchange inventories.