{"id":55563,"date":"2025-07-08T04:49:18","date_gmt":"2025-07-08T04:49:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/analysis-institutional-btc-adoption-is-a-cyclical-wave-not-a-linear-increase-says-saphira-groups-dyment\/"},"modified":"2025-07-08T04:49:18","modified_gmt":"2025-07-08T04:49:18","slug":"analysis-institutional-btc-adoption-is-a-cyclical-wave-not-a-linear-increase-says-saphira-groups-dyment","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/analysis-institutional-btc-adoption-is-a-cyclical-wave-not-a-linear-increase-says-saphira-groups-dyment\/","title":{"rendered":"Analysis: Institutional BTC adoption is a &#8216;cyclical wave&#8217;, not a linear increase, says Saphira Group&#8217;s Dyment"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/06\/Wintermute-secures-Bitcoin-backed-credit-line-from-Cantor-Fitzgerald-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/06\/Wintermute-secures-Bitcoin-backed-credit-line-from-Cantor-Fitzgerald-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/06\/Wintermute-secures-Bitcoin-backed-credit-line-from-Cantor-Fitzgerald-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/06\/Wintermute-secures-Bitcoin-backed-credit-line-from-Cantor-Fitzgerald-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li>Fund manager Jeff Dyment argues fears of fading institutional Bitcoin demand are overblown and miss the \u201cbigger picture.\u201d<\/li>\n<li>Institutional BTC buying is a \u201ccyclical wave,\u201d not a straight line, with 51 new corporate treasuries in H1 2025 alone.<\/li>\n<li>Options market data shows whales are building upside exposure, buying September $130K BTC calls.<\/li>\n<\/ul>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">In a market often fixated on short-term price swings, fund manager Jeff Dyment of Saphira Group is urging investors to take a step back and look at the bigger picture. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">His thesis is simple yet powerful: recent data points suggesting that institutional Bitcoin buying is losing steam are missing the forest for the trees.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">In a note shared with CoinDesk, Dyment argues that fears of dwindling institutional demand for Bitcoin are largely overblown, rooted in what he sees as narrow, short-term snapshots of the market. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">He acknowledges the recent cooling in ETF and corporate purchases \u2013 for instance, Michael Saylor\u2019s Strategy acquired just 16,000 BTC last month, a sharp decrease from its 171,000 BTC haul in December. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">However, Dyment insists this is not a sign of decline, but rather a natural ebb in what he describes as a \u201ccyclical wave\u201d of institutional adoption.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">\u201cInstitutional flows often come in waves rather than a steady linear increase,\u201d Dyment wrote. <\/span><\/p>\n<blockquote>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Short-term demand fluctuations in the spot market are minor ripples on what is, in fact, a rising tide of institutional engagement.<\/span><\/p>\n<\/blockquote>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">To support his argument, Dyment points to compelling data. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">In the first half of 2025 alone, 51 new corporate Bitcoin treasuries were established, a figure equal to the total number established from 2018 to 2022 combined. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">This represents a staggering 375% year-over-year increase in corporate Bitcoin buying. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Publicly traded companies now collectively hold 848,902 BTC, which accounts for approximately 4% of Bitcoin\u2019s total supply. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">In the second quarter of 2025 alone, these companies added 131,000 BTC to their balance sheets.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The ETF factor: a tsunami of regulated capital<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Dyment also highlights the explosive growth of spot Bitcoin ETFs as further, undeniable evidence of deepening institutional participation. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">BlackRock\u2019s IBIT fund, which has already become the largest in the world, now holds an incredible 699,000 BTC, representing more than 3.3% of the total supply, after becoming the fastest-growing ETF in history.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Collectively, U.S. spot ETFs have captured approximately 1.25 million BTC, or roughly 6% of the total supply, in just 18 months since their launch, Dyment points out in his note. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">This rapid accumulation by regulated investment vehicles underscores a structural shift in how capital is engaging with Bitcoin.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Whales Position for Upside as Market Awaits a Spark<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Dyment\u2019s thesis finds echoes in the derivatives market. In a recent note from QCP Capital, the Singapore-based fund observed that large \u201cwhale\u201d investors are continuing to build exposure to upside risk. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">They are reportedly snapping up September $130,000 BTC call options and holding significant positions in 115,000\/<\/span><span class=\"ng-star-inserted\">140,000 call spreads, all bets on a future price increase.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">\u201cVols remain pinned near historical lows, but a decisive breach of the $110K resistance could spark a renewed volatility bid,\u201d QCP wrote in a Monday note.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">So, while market bears may point to stagnant spot flows and the nearly empty mempool (the queue of unconfirmed Bitcoin transactions) as signs of market fatigue, Dyment argues that these are merely surface-level ripples. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Underneath, he contends, the institutional tide is rising. Wall Street, with its trillions upon trillions of dollars in regulated capital, is hungry for crypto exposure. It\u2019s just not going to arrive all at once in a straight line.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Broader market movements provide context<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The aformentioned analysis comes amidst a backdrop of volatile but resilient price action for Bitcoin and mixed signals from traditional markets.<\/span><\/p>\n<ul class=\"ng-star-inserted\">\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">BTC:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0Bitcoin fell 1.02% from July 6 at 22:00 to July 7 at 21:00, testing key support at $107,519.64 amid heavy selling, before staging a V-shaped recovery off $107,800. On-chain data showed strong support clusters at $106,738 and $98,566 held by 1.68 million addresses, according to CoinDesk Research\u2019s technical analysis bot.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">ETH:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0Ethereum rose 1.67% amid volatile trading, swinging nearly 3% between $2,529 and $2,604, as support at $2,530 held firm. Institutional inflows topped $1.1 billion, and above-average volume marked both the surge and subsequent sell-off.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Gold:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0Gold dipped on a stronger dollar but rebounded on tariff-driven safe-haven demand, with central bank buying and de-dollarization fueling forecasts of a rally toward $4,000.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">S&amp;P 500:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0Stocks fell on Monday as President Trump announced new tariffs on imports from seven countries, sending the S&amp;P 500 down 0.79% to 6,229.98.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Nikkei 225:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0Asia-Pacific markets mostly rose despite President Trump announcing steep U.S. tariffs on 14 trading partners, with Japan\u2019s Nikkei 225 up 0.36% as duties of up to 40% were outlined for countries including South Korea, Indonesia, and Thailand.<\/span><\/p>\n<\/li>\n<\/ul>\n<div class=\"ad-banner  container  pt-1\" data-partner=\"bitcoinpepe\">\n        <a href=\"https:\/\/bitcoinpepe.co\/en?utm_source=coinjournal&amp;utm_medium=banner&amp;utm_campaign=header\" target=\"_blank\" rel=\"nofollow sponsored noopener\"><br \/>\n            <img src=\"https:\/\/coinjournal.net\/wp-content\/themes\/c1-base\/dist\/img\/ad\/blockovate\/en-4.png\"\/><br \/>\n        <\/a>\n    <\/div>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/analysis-institutional-btc-adoption-is-a-cyclical-wave-not-a-linear-increase-says-saphira-groups-dyment\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Fund manager Jeff Dyment argues fears of fading institutional Bitcoin demand are overblown and miss the \u201cbigger picture.\u201d Institutional BTC buying is a \u201ccyclical wave,\u201d not a straight line, with 51 new corporate treasuries in H1 2025 alone. Options market data [&hellip;]<\/p>\n","protected":false},"author":3947362378,"featured_media":55564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/55563"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362378"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=55563"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/55563\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/55564"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=55563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=55563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=55563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}