Bitcoin treasury trade ‘breaking’ and fund holdings drop 10%: Analysis
Bitcoin institutional investment demand has weakened sharply. Combined holdings across trusts, ETFs, and closed-end funds fell from 1.33 million BTC in May to 1.20 million BTC over three months, a 10% decline. At the same time, Bitcoin treasury companies are under pressure because many now trade below the net asset value of their BTC holdings, reducing their ability to raise cheap capital and buy more Bitcoin. Strategy, the largest corporate Bitcoin holder, also sold 1,638 BTC last week. Market signals reinforce the slowdown: the Coinbase Premium index has stayed negative for a record 93 days, suggesting muted U.S. institutional buying. Analysts say a return to positive Coinbase Premium, along with stronger ETF inflows, may be needed for a durable BTC price recovery.
