Renewed spot exchange-traded fund (ETF) inflows and steady purchases by Michael Saylor's Strategy drove much of that demand.
Bitcoin News
Institutional buyers are absorbing more than five times the amount of Bitcoin (BTC) produced each day, a demand level that has historically preceded average price gains of 24% within one month, according to Capriole Investments founder Charles Edwards in a May 4 post.
Since the April 2024 halving, Bitcoin miners have produced roughly 450 BTC per day. Edwards said institutional buying's rate of change stood at approximately 0.0139% on May 4, while miners' supply growth rate held at roughly 0.0022%. That gap shows institutional demand growing more than five times faster than new supply.
Strategy and ETFs Added 70,000 BTC in April Alone
Renewed spot exchange-traded fund (ETF) inflows and steady purchases by Michael Saylor's Strategy drove much of that demand. Strategy and US spot Bitcoin ETFs combined added roughly 70,000 BTC in April 2026 alone. Miners produced approximately 13,500 BTC during the same period, according to Glassnode and BitBo(dot)IO data. Edwards said that if the historical 24% return pattern holds from current levels, BTC would reach approximately $96,000 by June 2026.
Analyst Michaël van de Poppe has cited a similar target of $95,000 for BTC. He pointed to renewed spot ETF demand and technical factors as the basis for the projection.
The supply squeeze extends to on-chain data. Bitcoin "sharks," defined as wallets holding between 100 and 1,000 BTC, accumulated more than 61,000 BTC over the 30 days to May 4, according to Glassnode. Holders of 10 to 100 BTC and holders of 1 to 10 BTC were also net accumulators during the same period.
Bear Flag Pattern Flags $60K as Downside Risk
Not all analysts share the bullish outlook. Trader Bitbull flagged a bear flag formation in a May 4 post, identifying $60,000 to $62,000 as a potential downside target if BTC breaks below the upper trendline of the pattern. A break below the lower trendline of that same formation could push the price under $50,000.
Whether current demand levels persist will likely determine which scenario plays out heading into June 2026.
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