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- Corporate Demand for Bitcoin:
On the corporate front, demand is shifting from specialized to mainstream, with public companies surpassing ETFs in adoption by 2025.
Strategy (MSTR), an AI-powered cloud analytics company, has strengthened its position as the largest institutional holder of Bitcoin, increasing its holdings from 446,000 BTC at the beginning of 2025 to 671,000 BTC (3.19% of the total supply of 21 million BTC) at the time of writing this report.
Bitcoin Holdings Strategy. Source: Crypto Quant
A November report from "Bitcoin Treasures" indicated that Bitcoin mining companies currently hold 12% of the total holdings of public companies in Bitcoin. Marathon Digital (MARA) owns 53,250 BTC, as shown in the chart below.
Bitcoin Holdings by Mining Companies. Source: Bitcoin Treasuries
Company Bitcoin holdings are increasing worldwide, with American companies still dominating the top 20 list, owning more than 2.88 million BTC distributed across approximately 125 public and private companies, surpassing companies in Canada and the UK. Meanwhile, countries like Japan, China, and Europe are experiencing growth in Bitcoin adoption.
Company Bitcoin Holdings. Source: Bitcoin Treasuries
A turbulent journey between all-time highs and sharp corrections
Bitcoin's price reached a new all-time high of $126,199 on October 6, pushing its market cap briefly above $2.47 trillion, making it the seventh-largest asset in the world, surpassing tech giants like (AMZN) and Meta Platforms (META).
However, the surge was followed by a sharp correction, with Bitcoin's price dropping to around $85,000 in mid-December. Although 2025 ended with relative stability, it was a volatile period marked by record highs, steep declines, and high fluctuations.
President Trump's Support for Cryptocurrencies
Donald Trump's victory in the November 2024 U.S. presidential election was seen as a positive indicator for Bitcoin and digital currency markets. During his campaign, Trump adopted a pro-cryptocurrency stance and promised to bring about a radical change in U.S. policy towards them, contrasting with the Biden administration's strict crackdown on the sector, which included more than 100 enforcement actions by the U.S. Securities and Exchange Commission against crypto companies.
The positive development for digital currencies began with the announcement by SEC Chairman Gary Gensler on November 21, 2024, of his resignation, effective January 20, the day of President Trump's inauguration. This news had a positive impact on the crypto markets, as Gensler had previously taken a stance opposed to digital asset policies.
The chart below from CryptoQuant shows that the percentage of monthly growth in Bitcoin holdings among major investors accelerated from -0.25% on January 14 to +2% on January 17, marking the highest monthly rate since mid-December 2024. This surge in demand pushed Bitcoin's price to a new record high of $109,588 on Inauguration Day, January 20. However, the price retreated to $100,000 shortly after Trump's oath of office.
Total Bitcoin whale holdings on Inauguration Day. Source: CryptoQuant
$BTC Meanwhile, U.S. President Donald Trump announced on Truth Social that he issued an unconditional pardon for Ross Ulbricht, the founder of the Silk Road marketplace on the dark web.
U.S. federal authorities arrested Ulbricht in 2013 and sentenced him to life imprisonment for creating and operating a website (Silk Road) that allowed users to buy and sell illegal drugs, along with other illegal products and services. This news boosted confidence within the crypto community, as Trump fulfilled his promise to the sector.