最新报道：According to Bijie.com, institutional demand for Bitcoin is growing exponentially. However, the supply to meet this demand is becoming increasingly limited. In a conversation with BeInCrypto, SwissBorg Exchange Chief Wealth Officer Christophe Diserens suggested that large Bitcoin holders like Strategy (formerly MicroStrategy) or Marathon Holdings may need to step in to provide liquidity. The Scarcity Paradox: Demand vs. Supply: Bitcoin's core appeal has always been its scarcity, which is driven by its self-limiting supply. However, as it grows in popularity among retail and institutional investors, this raises the question of whether there will be enough Bitcoin in the market to meet growing demand. Given the limited supply, with more companies expected to follow the lead of early adopters, the amount of Bitcoin available on exchanges may soon become insufficient. This potential supply squeeze could have a significant impact on institutions that haven't yet entered the market. The scramble for liquidity: Institutional investment in Bitcoin has grown following the launch of Bitcoin exchange-traded funds (ETFs) in 2024. These funds fundamentally change market dynamics, providing financial advisors with a simple way to access the wealth of retail investors. This shift has created a unique "banana zone," a cryptocurrency term for parabolic markets driven by institutional demand and retail fear of missing out (FOMO). This data point suggests that the vast majority of funds flowing into these new, regulated products are coming from individual investors. As institutional money flows in, it competes with other institutions and a sentiment-driven retail audience. The result could be a self-reinforcing price cycle, with limited supply meeting the massive surge in institutional and retail demand. This impending squeeze could create an opportunity for an entity with a large Bitcoin vault to become a liquidity provider. Will MicroStrategy shift from "HODLing" to "dealer"? Against the backdrop of a potential Bitcoin supply shortage, a key question arises regarding the role of institutional holders like Strategy, known globally for its aggressive accumulation strategy. While Strategy co-founder Michael Saylor envisions the company as a long-term holder, a strategic shift to becoming a dealer or liquidity provider for other institutions is not entirely out of the question. If Strategy were to take such a step, it would need to meet all relevant compliance requirements and operational processes. Given the company's size and resources, these obligations are unlikely to pose a significant challenge. If it passes on this opportunity, other entities could also assume the role of dealer. Institutional Miners: The New Market Makers? Beyond Strategy, the search for large-scale Bitcoin liquidity providers extends to the very foundation of the network: institutional miners. These companies, with their vast mining power and sizeable BTC reserves, are uniquely positioned to meet growing demand. This phenomenon highlights a broader trend: Bitcoin's original infrastructure could evolve into a critical financial intermediary. While a potential supply gap could force the Bitcoin ecosystem to reinvent itself, the prospect of major companies purchasing from a small number of suppliers inevitably raises concerns about centralization. The Decentralization Dilemma: Bitcoin's decentralization rests on two pillars: distributed ownership and decentralized mining power. If investors had to purchase Bitcoin directly from Strategy or Marathon Digital rather than on a public exchange, this could significantly impact public opinion. Bitcoin's underlying technology is designed to be distributed. However, the concentration of ownership and mining power could paint a different picture. As Bitcoin's popularity continues to grow, the broader community will need to confront these considerations soon.