Institutional Bitcoin holdings fell 10% to 1.2M coins over three months, with MicroStrategy selling 1,638 BTC and treasury companies trading below NAV.
Macro & Markets ·
Institutional Bitcoin holdings fell by approximately 10% over three months, declining from 1.33 million coins to 1.2 million coins, according to on-chain data tracked by CryptoQuant that encompasses trusts, ETFs, and closed-end funds. Within that period, the largest publicly traded Bitcoin treasury company sold 1,638 BTC.
The contraction reflects mounting pressure on the corporate treasury model that has anchored structural demand for Bitcoin. Several Bitcoin treasury companies now trade below their net asset value, signaling a breakdown in the previous mechanism where stock premiums enabled companies to finance additional coin purchases and reinforce valuations.
The implications for the broader institutional bid remain uncertain. Whether this pullback represents a temporary consolidation, a shift in corporate financing capacity, or a more sustained reduction in treasury-driven demand is not yet clear from the available data.