In the first week of 2026, a strong capital absorption force has appeared in the BTC market. US spot BTC funds and corporate institutions (such as MicroStrategy) have absorbed a total of 6,433 BTC from circulation, while miners' new output during the same period was only 3,137.5 BTC — this means that institutional absorption has exceeded new supply by over 105%. More interesting data is the scale of corporate treasuries, which has now accumulated to 109,400 BTC, accounting for 5.2% of the total network supply. As exchange inventories continue to decline, BTC supply is tightening, and the market structure is quietly changing.