On-chain data from CryptoQuant shows that combined bitcoin positions held by institutional vehicles—trusts, exchange-traded funds, and closed-end funds—fell to 1.2 million BTC from 1.33 million BTC three months earlier. That works out to a drop of roughly 10%, implying a net reduction of about 130,000 BTC over the quarter. Analysts at Novaque Research point to growing strain in the corporate bitcoin treasury model. A number of public companies that hold bitcoin on their balance sheets now trade at market capitalizations below the net asset value of their bitcoin holdings, they noted. That marks a clear departure from the earlier dynamic in which share prices traded at a premium, allowing companies to raise capital, buy more bitcoin, and reinforce the premium. Strategy, the largest listed corporate holder of bitcoin, sold 1,638 BTC last week, adding to the latest signs of pressure on the sector. The decline in institutional holdings suggests the pace of accumulation has reversed after months of buying.
Institutional bitcoin positions are getting smaller. CryptoQuant's on-chain data shows total BTC held across trusts, ETFs, and closed-end funds dropped from 1.33 million BTC to 1.2 million BTC in three months—a net decline of about 130,000 BTC, or roughly 10%.
The corporate bitcoin treasury model is showing cracks. Analysts at Novaque Research say several bitcoin treasury companies now have market caps below the net asset value of their BTC holdings. The positive loop that previously powered the sector—share price premium, capital raise, more bitcoin, stronger premium—has clearly weakened.
Strategy, the biggest publicly listed bitcoin holder, sold 1,638 BTC last week.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
