Don’t shout “a brand-new bull market is here!” just because you see buy orders.
According to a Lookonchain weekly report cited by Wu, from September 14 to 20, BTC treasury companies net-bought about 2,254 $BTC , worth approximately $192 million. In the same week, DEX perpetual contract trading volume rose 20.91% month-over-month; DEX spot trading volume increased slightly by 0.39% month-over-month; protocol revenue fell 5.83% month-over-month; and the total market cap of stablecoins rose modestly by $56.29 million.
During the same period, Strategy added 950 BTC, about $80.82 million; Bitmine increased its holdings by 27,562 $ETH , about $75.35 million.
Two observable scenarios: first, the treasury buying does appear to be providing marginal support for BTC, and the rebound in perpetual trading volume suggests short-term funds are again willing to add leverage; second, stablecoin net increases are not large—more like a rebound in activity from existing capital, rather than a wave of new money entering at scale. What do you think this round will do next: will activity keep expanding, or will the heat fade quickly?
Figure 1: BTC treasury buybacks return; DEX perpetual trading warms up · Source: partial screenshot of the page
Image source: https://www.wublock123.com/news/btc-treasury-net-buy-192m-dex-perps-volume-up-20pct-68756
According to a Lookonchain weekly report cited by Wu, from September 14 to 20, BTC treasury companies net-bought about 2,254 $BTC , worth approximately $192 million. In the same week, DEX perpetual contract trading volume rose 20.91% month-over-month; DEX spot trading volume increased slightly by 0.39% month-over-month; protocol revenue fell 5.83% month-over-month; and the total market cap of stablecoins rose modestly by $56.29 million.
During the same period, Strategy added 950 BTC, about $80.82 million; Bitmine increased its holdings by 27,562 $ETH , about $75.35 million.
Two observable scenarios: first, the treasury buying does appear to be providing marginal support for BTC, and the rebound in perpetual trading volume suggests short-term funds are again willing to add leverage; second, stablecoin net increases are not large—more like a rebound in activity from existing capital, rather than a wave of new money entering at scale. What do you think this round will do next: will activity keep expanding, or will the heat fade quickly?
Figure 1: BTC treasury buybacks return; DEX perpetual trading warms up · Source: partial screenshot of the page
Image source: https://www.wublock123.com/news/btc-treasury-net-buy-192m-dex-perps-volume-up-20pct-68756
