Corporate bitcoin treasuries are profitable — and they're barely buying anymore.
Glassnode's latest report puts the average cost basis of the BTC treasury companies it tracks at ~$80,200. Bitcoin has closed above that line every day since September 18 — so the group sits on unrealized profit. But their buying hasn't returned with the price: every month since June has added less than a tenth of the November 2024 peak.
Think about what that means. The October 15 sweep to $80.1K bounced right off that cost base — bids are still there when price dips. Yet the aggressive monthly accumulation that defined the treasury-company bid has vanished. In profit, underwater on appetite.
Why it matters: treasury companies became one of this cycle's structural buyers. If the group holding BTC at $80.2K decides it has enough, the next leg up needs a different buyer.
What would it take for the corporate bid to return — a break above $87K, or something else entirely? NFA, DYOR. $BTC #Bitcoin #CryptoNews #Institutional #BitcoinTreasury
Glassnode's latest report puts the average cost basis of the BTC treasury companies it tracks at ~$80,200. Bitcoin has closed above that line every day since September 18 — so the group sits on unrealized profit. But their buying hasn't returned with the price: every month since June has added less than a tenth of the November 2024 peak.
Think about what that means. The October 15 sweep to $80.1K bounced right off that cost base — bids are still there when price dips. Yet the aggressive monthly accumulation that defined the treasury-company bid has vanished. In profit, underwater on appetite.
Why it matters: treasury companies became one of this cycle's structural buyers. If the group holding BTC at $80.2K decides it has enough, the next leg up needs a different buyer.
What would it take for the corporate bid to return — a break above $87K, or something else entirely? NFA, DYOR. $BTC #Bitcoin #CryptoNews #Institutional #BitcoinTreasury