Strategy has been one of the biggest corporate drivers of Bitcoin demand for years, but that influence may weaken in the next market cycle.
According to Matt Hougan, Strategy is unlikely to play the same dominant role in Bitcoin accumulation going forward. He believes the next phase of Bitcoin demand will be led by large institutional investors rather than a single corporate buyer.
Hougan pointed to Strategy’s updated framework for STRC, which allows the company to occasionally sell Bitcoin to meet dividend obligations. While he does not expect Strategy to become a major seller, the change means the company may buy or sell depending on market conditions instead of acting as a consistent source of demand.
He noted that Strategy is not under pressure to sell large portions of its holdings and could remain a net buyer if Bitcoin prices strengthen. Still, its influence on the market is expected to decline compared to previous cycles.
Hougan explained that Bitcoin’s major buyers have changed over time—from early cypherpunks to Asian investors, then U.S. retail traders, followed by Grayscale Investments and Strategy. He believes the next wave will be driven by institutions with far deeper capital pools.
These buyers could include global banks, asset managers, pension funds, endowments, sovereign wealth funds, and financial advisers. Hougan argues this transition is already happening.
Examples include Morgan Stanley launching Bitcoin ETF offerings and Wells Fargo adding Bitcoin exposure to model portfolios. He also pointed to growing government and sovereign interest, including strategic reserve initiatives and institutional allocation discussions.
Although Bitcoin ETFs saw outflows in 2026, Hougan noted they have attracted over $50 billion since launching in 2024 and are now widely accessible across major adviser platforms.
Meanwhile, Tim Sun of HashKey Group believes a slowdown in Strategy’s Bitcoin purchases may actually benefit the market.
Sun argues that reduced buying from Strategy could help correct supply-demand distortions created by its financing-driven accumulation model. Instead of relying heavily on corporate buying and ETF inflows, Bitcoin could build a stronger and more sustainable price floor based on organic market demand.
In his view, that would create a healthier and more stable market structure for Bitcoin over the long term.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
