I noticed an interesting trend in corporate Bitcoin accumulation. According to CryptoQuant, one company is literally dominating the treasury market — over the past month, it has purchased 45,000 BTC, which is 45 times more than all other corporations combined. Previously, there was a distribution among several players; now, almost the entire trading strategy of large buyers boils down to a single actor.

Currently, this player controls about three-quarters of all corporate treasury holdings. This indicates a serious concentration of demand — when the trading strategy of one large buyer becomes the main driver of the price. In the past, we saw a more organic distribution of purchases among different companies, but now there is almost a monopoly on demand. It will be interesting to see how long such an imbalance will last.