币界网报道：This is a snippet from the Supply Shock newsletter. To read the full version, subscribe. Who is selling Bitcoin? It’s a question that comes up often. And it’s somewhat reasonable: Strategy alone is buying billions of dollars of Bitcoin on an almost weekly basis — so there must be a considerable force selling the tokens at the same time. More specifically, Strategy, Metaplanet, Semler, Coinbase, and two dozen other public companies have bought about 251,700 BTC since the beginning of the year, with a total value currently at $26.51 billion. That’s more than three times the amount of new coins mined during the same period. And that doesn’t include the 20,800 BTC ($2.20 billion) collected by Tether and private companies in countries like Bhutan and El Salvador. ETFs around the world bought an additional 149,100 BTC ($15.70 billion) on behalf of shareholders — primarily BlackRock’s IBIT, which held 130,850 more tokens ($13.80 billion) than on January 1. All told, governments, private and public companies, and ETFs have amassed more than 400,800 BTC this year — equivalent to 2% of the circulating supply, according to the latest disclosures. But that’s just counting the companies that increased their holdings. As for who’s actively selling, on the surface, it doesn’t appear that any one major group is to blame. Still, miners have been slowly reducing their inventories. CryptoQuant data shows that miners’ overall balance has fallen by about 2,000 BTC since the start of the year, while still retaining a jaw-dropping 1.80 billion BTC ($191.40 billion, more than 9% of the circulating supply). Yet the dollar value of miners’ collective holdings is at an all-time high. Additionally, more than half of ETFs are selling at peak levels. Fidelity’s FBTC has shed more than 6,500 BTC this year, while Grayscale’s Bitcoin Trust has sold more than 20,000 BTC, with its mini-trust accounting for just a fraction of the difference. Many other funds have also unleashed thousands of tokens in the first six months of the year. That may not fully offset the Strategy, Saylor’s followers, and the ETFs that are buying, but it’s clearly accumulating. Get news in your inbox. Explore the Blockworks newsletters: The Breakdown: Decoding crypto and the markets. Daily. Empire: Crypto news and analysis to kickstart your day. Forward Guidance: The intersection of crypto, macroeconomics, and policy. 0xResearch: Get Alpha straight to your inbox. Lightspeed: All about Solana. The Drop: Apps, games, memes, and more. Supply Shock: Bitcoin, Bitcoin, Bitcoin.