The Most Bullish Year in Bitcoin History Looked Like Nothing

400,000 BTC Disappeared in 2025. No One Noticed.

Wall Street spent 2025 asking the wrong question.

Bitcoin chopped sideways. Volatility died. The narrative became: Is the bull market over?

Meanwhile, Strategy by itself absorbed 225,000 BTC.

Not lost. Not sold. Absorbed.

The Illusion of Failure
Flat price looks like failure unless you're the one accumulating into it.

Strategy bought across 41 separate weeks in 2025. No fanfare. No momentum chasing. Just relentless absorption while everyone else got bored and looked away.

Their stack: 672,497 BTC.

That's 3.2% of all Bitcoin that will ever exist held by a single entity that is structurally unable to sell.

The Arbitrage No One Talks About
Strategy isn't running a trade. They're running a spread.

They issue dilutable fiat claims (stock) at a premium to acquire a non-dilutable asset (Bitcoin). As long as the premium holds, every issuance increases Bitcoin per share.

2025 result: +26% BTC per share.

Read that again.

Bitcoin's price went nowhere. Shareholders ended the year owning 26% more Bitcoin than they started with.

This isn't speculation. It's balance sheet math applied to absolute scarcity.

The Spring
Strategy didn't push price in 2025.

They compressed the spring. I see it in my model(s).

They used sideways price action boredom itself as cover to drain liquidity from the market. Coins that once floated freely are now locked in a corporate treasury with a mandate to hold forever.

The market sees the same price and assumes the same supply.

It's wrong.

The Endgame
There are fewer coins available than the price implies.

What looked like inactivity was absorption.
What looked like stagnation was positioning.
What looked like a boring year was the largest supply shock in Bitcoin's history hiding in plain sight.

The Great Vanishing already happened.

At some point, the marginal seller to runs out of coins.

Price reflects sentiment. Exchange balance reflects reality.
One line went sideways. The other collapsed.

Price dropped ~17% while ~400,000 BTC left exchanges.

Price follows supply. It always has.