Bitwise CEO Hunter Horsley has expressed concerns over a potential Bitcoin liquidity crunch as institutional demand continues to surge. As of October 8, 2025, global Bitcoin ETPs and companies have acquired 944,330 BTC, surpassing the 913,036 BTC purchased in 2024. This accumulation outpaces the new supply, with only 127,622 BTC mined in 2025 compared to 217,771 in 2024. Former BitMEX CEO Arthur Hayes has also weighed in, dismissing the traditional four-year Bitcoin cycle. Hayes attributes recent Bitcoin price movements to macroeconomic factors, including interest rates and global liquidity trends, rather than the cyclical patterns previously observed.