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Asia Morning Briefing: BTC’s Institutional Waves Are Building, Not Breaking | Saphira Group’s fund manager Jeff Dyment encourages a long-term view on institutional bitcoin demand, arguing that recent declines in ETF and corporate purchases, such as Michael Saylor's Strategy buying only 16,000 BTC last month compared to 171,000 BTC in December, do not indicate a downturn but rather a natural cyclical wave of adoption. In the first half of 2025, 51 new institutional entities entered the market, alongside a 375% annual increase in corporate BTC purchases, bringing their holdings to 848,902 BTC, around 4% of total supply. Dyment cites the rapid growth of Bitcoin ETFs, particularly BlackRock’s IBIT fund, which holds 699,000 BTC, as evidence of increasing institutional participation. Furthermore, QCP Capital notes that crypto whales are positioning for upside risk in the options market, indicating continued institutional interest. Meanwhile