Aggressive corporate treasuries, heavy spot ETF inflows, and depleted exchange reserves raise the risk of a Bitcoin supply squeeze. This piece quantifies current flows, shows how corporate and fund demand exceeds new issuance, and flags the data points to watch. Strategy has accumulated 636,505 BTC, making it the largest corporate holder, and it continued buying through August. Public companies and treasury firms added roughly 134,000 BTC in Q2 2025, a marked rise from prior quarters. U.S. spot ETFs remove coins from exchanges on large-flow days; for example, IBIT and peers bought about 1,620 BTC on Aug 28. Those ... (full story)