BroadChain has learned that, as of March 13 data from BitMEX, the 20 millionth Bitcoin block reward has been mined. With only about 1 million BTC left until the 21 million hard cap is reached, Bitcoin's inherent scarcity is once again in the spotlight.
From a market perspective, capital flows have diverged significantly since geopolitical tensions escalated in the Middle East on February 24. During this period, Bitcoin has climbed 8.09%, while gold dipped 0.42%, signaling a noticeable rotation from traditional safe-haven assets into digital ones.
The U.S. market has been the primary engine behind this rally. The persistent Coinbase premium and consistent net inflows into Bitcoin ETFs point to active participation from both institutional and retail investors stateside.
Looking at fund flows, Bitcoin ETFs saw several days of substantial net inflows between February 24 and March 4. After minor net outflows on March 5–6, the inflow trend has recently resumed.
Strategy's preferred stock, STRC, has also captured market attention, trading at a premium for four consecutive sessions alongside record-breaking volume. Over the past two days alone, the STRC premium effect is estimated to have funneled an indirect $130–180 million into Bitcoin—equivalent to roughly 40% of a strong single-day ETF net inflow.
Market mechanics show that when STRC trades above $100, Strategy can efficiently raise capital through at-the-market offerings and use the proceeds to accumulate Bitcoin, creating a reinforcing cycle of positive price support.