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The Bitcoin purchasing activity of Strategy only minimally impacts the price of BTC.
According to Matthew Sigel, Head of Digital Asset Research at VanEck, the weekly "Strategy" program purchases of Bitcoin (BTC) have had little significant impact on the market price of BTC.
Sigel pointed out that the purchase volume from Strategy only accounted for an average of 8.4% of the total weekly trading volume – this figure was "distorted" by four weeks with purchases exceeding 20%. For most of the remaining time, Strategy only accounted for 3.3% of the trading volume and did not buy BTC at all in 8 out of the 27 weeks analyzed.
In addition, Sigel analyzed the overall correlation between Bitcoin mining output, investment funds, and activities in the secondary market. Over the past 27 weeks, the trading volume of Bitcoin in the secondary market has been nearly 20 times the amount of newly mined BTC. Even when considering the purchasing amount from Strategy, the secondary market is still about 17 times larger compared to the total new supply.
These findings raise doubts about the assumption that structured Bitcoin purchasing programs can significantly impact prices in the short term. Instead, the data shows that BTC prices are primarily influenced by supply and demand forces in the secondary market – a characteristic commonly seen in high liquidity asset markets, where the impact of individual supply and demand events is often diluted.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.
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