According to CryptoQuant's report dated March 25th, Strategy has become the main driver of reserve demand, purchasing approximately 45,000 BTC in the last 30 days. This stands out as the fastest growth rate in about a year. The company's $BTC holdings represent approximately 76% of all companies holding reserves. On the other hand, purchases by companies other than Strategy have dropped sharply. These companies purchased only about $1,000 worth of BTC. This represents a 99% decrease compared to the peak and accounts for only 2% of the total. New demand has almost completely run out. The number of companies making purchases has decreased from 54 to 13. This indicates a significant weakening of investment appetite and participation. Looking at the overall picture, it appears that market demand is largely concentrated in Strategy.