Tether and MicroStrategy Led the Bitcoin Buying Almost 91781 BTC in Q1 2025

Yet Bitcoin crashed by 12%! Meanwhile, Long-term holders dumped 178000 BTC, pushing Bitcoin's price downward.

A new report by on-chain data provider CryptoQuant has highlighted a surprising trend—while public companies, including Tether and MicroStrategy, were busy buying up a massive 91,781 BTC in Q1 2025, Bitcoin's price crashed by 12%.

Despite this strong buying activity, which saw companies spending billions on Bitcoin, the flagship cryptocurrency saw a setback, sliding from $94,400 to $82,500 during the quarter.

So, who’s buying? Why is Bitcoin falling? And what’s next for the market?

Tether and MicroStrategy Led the Bitcoin Accumulation

Among the unexpected buyers this quarter was Tether, the company behind the world’s largest stablecoin, USDT.

Tether reportedly added 8,888 BTC in Q1, bringing its total holdings to 92,646 BTC. While Tether’s involvement in Bitcoin is not new, this latest addition has been a subject of discussion in the crypto space.

Meanwhile, MicroStrategy, already known as the biggest corporate Bitcoin holder, continued its aggressive buying strategy. The company purchased 81,785 BTC in Q1, spending over $8 billion to increase its already massive Bitcoin holdings.

Other companies that joined the trend include:

Companies Are Planning More Bitcoin Purchases

While these companies have already made huge purchases, CryptoQuant notes that others are planning to buy more Bitcoin.

Marathon Digital, a well-known Bitcoin mining firm, is planning a $2 billion stock sale to fund more BTC purchases. Similarly, GameStop has proposed a $1.3 billion convertible note offering, signaling its intent to incorporate Bitcoin into its strategy.

If Companies Are Buying, Why Is Bitcoin Falling?

Despite corporate buying, Bitcoin’s price still fell by 12% in Q1. CryptoQuant points to two key factors that may have driven the decline. Firstly, the long-term holders sold off a massive 178,000 BTC during the quarter, adding significant sell pressure that outweighed corporate purchases.

Another major factor was the outflows from Bitcoin ETFs. In Q1, around $4.8 billion flowed out of Bitcoin ETFs, adding even more downward pressure on the market.

CryptoQuant Suggestion

CryptoQuant’s analysis suggests that only if this selling slows down, Bitcoin could see a strong recovery. With more companies planning big purchases and the potential for a shift in macroeconomic trends, the crypto market could soon turn bullish again.

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