Bitwise’s $1.6 Million 2036 Target Rests on a Simple Supply-Demand Gap Bitwise raised its base-case Bitcoin price target to ~$1.6 million by 2036 (34.3% CAGR from late-September levels), with a bear case near $131k and bull case above $3.6 million. The framework assumes institutions controlling ~$147T allocate 1–5% to Bitcoin ($1.5–7.4T demand) against annual new issuance of roughly $14B. With ~95.7% of the 21 million BTC supply already mined, the model emphasizes the widening mismatch between potential institutional inflows and fixed new supply.

Breaking: Bitcoin’s Marginal Buyer Is Changing Hands US spot Bitcoin ETFs have recorded multi-day net outflows (roughly $400M on Nov 2 alone, led by IBIT, with 7-day totals near –$700M to –$900M). At the same time, large on-chain holders (excluding exchanges and mining pools) have pushed combined holdings to about 3.03 million BTC—the fastest 30-day accumulation pace since February. Mid-tier wallets (10–10,000 BTC) have added tens of thousands of BTC since mid-September. The result is a clear divergence: regulated products are distributing while self-custody large holders are absorbing supply. If the pattern holds, price discovery may increasingly sit with on-chain capital rather than daily ETF prints.

Corporate Bitcoin Treasuries Now Control 6.3% of Supply Public Companies Hold 1.314 Million BTC, Strategy Alone Controls 4% More than 181 publicly listed companies now hold approximately 1.314 million BTC, valued around $100 billion at current prices and representing 6.3% of the 21 million hard cap. Strategy (formerly MicroStrategy) leads with 849,327 BTC (average cost roughly $75,450) after adding another 811 BTC in the most recent reporting period. Metaplanet, Twenty One Capital, Strive, and MARA round out the top tier. The concentration is striking: the top few names dominate the corporate stack, turning balance-sheet Bitcoin into a structural demand floor that is largely insensitive to daily ETF flow volatility.

Saylor bought Bitcoin ... again 🥲 https://t.co/ZPPvA16Tez

Happy Halloween and Bitcoin Whitepaper Day! https://t.co/xq5DdsGN45

You can't mine more bitcoin, only 21 million will ever exist. https://t.co/p4tNrK8tHd

Peter Schiff: Bitcoin is going to crash to $75,000. https://t.co/xOG9tyslOv

Bitcoin dropped below $80k https://t.co/ATJ3UC2W8y

Bitcoin self-custody doesn't necessarily require a hardware wallet; it simply means that you control your own private keys. https://t.co/7zVTRkefOM

Strategy now holds 848,250 BT, over 4% of the entire supply after another clean buy. While BTC reclaims $82k+, the biggest corporate stack on the planet keeps stacking. https://t.co/ik4KDHpcz0