To the United States created in a strategic Bitcoin (BTC) reserve, not only reconfigured the perception of the digital currency, but is redefining the market, with companies following the example of the government and accumulating its own reservations.
Recall that last March, President Donald Trump signed the executive order 14,096, which gave life to the Bitcoin -based reservation. This measure reassigned approximately 200,000 BTC, previously confiscated in criminal and civil confiscationsto a reserve managed by the federal government.
The order establishes that “the United States will not sell Bitcoin deposited in this strategic Bitcoin reserve, which will remain as an asset reserve.”
For now, the reservation is exclusively composed of confiscated assets, but the departments of the Treasury and Commerce They received authorization to develop strategies that allow more bitcoin to acquire No additional cost for taxpayers.
Institutional boom in boom
The creation of the reserve has triggered a domino effect, encouraging numerous companies to adopt Bitcoin as Treasury Assets.
According to a report by Exchange Gemini, after the announcement, Public and private contribution companies began to accumulate more than 20,000 BTC per monthmarking one of the periods of greater institutional entry since 2021.
It should be noted that Strategy (formerly Microstrategy), led by Michael Saylor, already accumulated Bitcoin since 2020, with 592,100 BTC to date, consolidating himself as the public company with the greatest possession of Bitcoin.
However, the official Bitcoin recognition as a strategic asset by the United States has strengthened trust, promoting other entities to integrate the currency into their reservations.
A recent example is the creation of ProCap Financial, announced on June 23 by the investor Anthony Pompliano. This firm, the result of the fusion of ProCap BTC and Columbus Circle Capital Corp, plans to keep up to 1,000 million dollars in Bitcoin in its balance before it finishes 2025.
Reflective Market Dynamics
Gemini’s report highlights that Bitcoin capital flows are highly reflective: The market value grows more than the capital invested, especially in moments of high demand. This is measured by the market capitalization multiplier (MCM), which compares the change in market capitalization with net capital flows.
The following graph shows the evolution of Bitcoin market capitalization, with notable peaks in 2017, 2021 and 2025, reflecting growth promoted by institutional demand. The multiplier (green) reaches up to 100 in periods of high volatility, while the 300 -day (purple) band indicates a stable long -term trend. This illustrates how the capital invested amplifies the market value, aligning with the MCM data.
In bearish markets, the cyclic MCM is 0.7, which means that every dollar invested in Bitcoin, If it is maintained until the next bearish market, it generates only 0.7 dollars in capitalization.
On the other hand, in Alcista markets, the MCM reaches 3.7, amplifying each dollar invested in bitcoin up to $ 3.70 in market value. In the long term, from the Genesis of Bitcoin, the MCM is stabilized by 1.7, indicating that each dollar invested generates $ 1.70 in residual value.
In the short term, The 30 -day MCM can shoot up to 25x in high volatility periodswith an average of 8x, which implies that a dollar can move the price of BTC up to eight dollars temporarily.
These dynamics, according to Gemini, reflect how the conviction of investors, beyond capital, drives the long -term impact, a phenomenon supported by valuation models such as the MVRV, which measures the relationship between the market value and the value made.
Structural transformation of the market
With more than 30% of the circulating supply of Bitcoin in the hands of centralized entities, such as exchanges, ETF, sovereign corporations and treasury, The market is experiencing a structural transformation.
Although holdings are still concentrated between first adopters, The support of the US government has catalyzed a renewed institutional confidence.
Despite this change, the supply available for cash remains stable, since the assets are transferred from exchanges to ETF and other custodians. Besides, Volatility has decreased in recent years, stabilizing price cycles and attracting large investors aware of risk.
As institutional adoption grows, Bitcoin’s influence expands, not only because of holdings, but by the frameworks that investors use to integrate it into global financial architecture. This moment marks a turning point, where Bitcoin ceases to be an experiment to become a pillar of the decentralized financial system.
