Strategy is currently purchasing Bitcoin at a rate approximately 2.7 times faster than the amount of new BTC created by miners since the beginning of 2026, amid a post-halving supply that continues to tighten and BTC exchange balances dropping to multi-year lows. On-chain data show the company’s supply absorption rate far outstrips the amount of new Bitcoin entering circulation daily, bringing the “supply shock” narrative back to the forefront of the Bitcoin market.
Strategy Is Absorbing Bitcoin Faster Than New Supply
According to data from Strategy, Strategy’s Bitcoin holdings have increased from approximately 673,783 BTC at the start of 2026 to 818,334 BTC as of April 29, representing an accumulation of roughly 144,551 BTC in less than four months.
Strategy BTC purchase statistics. Source: Strategy
During the same period, the Bitcoin network only produced approximately 53,550 new BTC. Following the April 2024 halving, block rewards were reduced to 3.125 BTC per block, equivalent to about 450 BTC per day at an average rate of 144 blocks per day.
Based on the BTC produced since the start of the year, Strategy alone has purchased new supply roughly 2.7 times faster than the network generates it.
This figure is significantly higher than the 2.2x level previously announced by Strategy in an April 7 post on X, when the company reported purchasing 94,470 BTC since the start of 2026.
YTD 2026, we have acquired 2.2x the natural supply of $BTC and achieved BTC Yield of 3.7%, generating a BTC Gain of ₿24,675 (~$1.7B). pic.twitter.com/xH2m4dmO2B
— Strategy (@Strategy) April 7, 2026
Unlike previous periods, the majority of new Bitcoin supply now comes from BTC mined daily, as the issuance rate has dropped sharply post-halving. This makes large-scale institutional purchases have a more pronounced impact on available BTC in the spot market, especially since a large portion of the current supply is being held long-term rather than circulating frequently on exchanges.
Why Post-Halving Supply Looks Much Tighter
After the April 2024 halving, the amount of new Bitcoin created daily dropped to approximately 450 BTC—less than half of the previous period.
Currently, Bitcoin’s annualized supply growth has fallen below 1% per year—the lowest level in the asset’s history. Meanwhile, demand from institutions, ETFs, and corporate treasuries continues to persist.
BTC mining stats. Source: BitBo
In previous cycles, miners were typically the market’s largest natural source of supply, as they had to sell a portion of BTC to cover operational costs. But after the halving, the amount of BTC miners that can be brought to market daily has plummeted, making spot liquidity increasingly dependent on BTC circulating on exchanges or held by existing holders.
Galaxy Digital CEO Mike Novogratz, in a recent episode of the All Things Markets podcast, also suggested that the market may be underestimating the scarcity of Bitcoin actually available for trade, particularly as demand from traditional financial institutions continues to rise post-halving.
Exchange Liquidity Is Starting to Shrink
On-chain data also indicates that Bitcoin held on exchanges is continuing to decline as Strategy accelerates its BTC accumulation.
According to CryptoQuant, total Bitcoin reserves on centralized exchanges have dropped from approximately 3.05 million BTC at the beginning of the year to about 2.67 million BTC by the end of April.
BTC Exchange Reserve. Source: CryptoQuant
This decrease of nearly 380,000 BTC has occurred simultaneously with Strategy’s continuous accumulation, indicating that the remaining Bitcoin on exchanges is narrowing significantly.
Miner reserve data also shows that the amount of BTC held by miners has continued to gradually decrease over several months. As of the end of April, miner reserves stood at approximately 1.803 million BTC, significantly lower than the 1.81 million BTC range seen at the beginning of the year. Miner Netflow data shows that miners are still moving BTC to exchanges in batches, but large-scale selling pressure similar to previous cycle peaks has not yet appeared.
BTC Miner Reserve. Source: CryptoQuant
This indicates that the market currently relies more on BTC circulating on exchanges and existing holders rather than new supply from miners. In the context of Strategy continuing to buy at scale with a long-term holding trend, the amount of Bitcoin actually available for trade could become increasingly scarce if institutional demand persists in the coming quarters.
Is This a Real Supply Shock Yet?
However, current data does not yet show that Bitcoin has entered a state of distinct market-wide supply deficiency.
In an April 7 analysis, CoinDesk noted that the scale of the Bitcoin market is still large enough to absorb institutional purchases without necessarily creating an immediate supply shock. A portion of liquidity also comes from OTC desks, investment funds, and long-term holders willing to take profits when prices rise sharply. Accordingly, the strategy of purchasing more BTC than miners produce does not automatically lead to the market “running out of supply.”
Nevertheless, on-chain data shows that pressure on available Bitcoin in the market is gradually increasing. Exchange reserves continue to fall while the new supply post-halving is significantly lower than in previous cycles. If demand from corporate treasuries or ETFs persists in the coming quarters, the pressure on BTC available for trade could become more distinct.
Currently, the market may not have entered a phase of clear supply shortage. But on-chain data shows the structure of Bitcoin supply is beginning to differ significantly from previous cycles—especially as an increasingly large portion of new supply is being absorbed by institutions with long-term holding tendencies like Strategy.
