The size of the BTC treasury reaches a new one-year high, but the “buying” behind it is clearly cooling down.
As of September 24, 46 listed companies and 12 sovereign governments together hold 1.916 million BTC, accounting for 9.12% of total supply—an all-time high within the past 365 days. This is up about 16.6% from a year ago. However, net additions over the past 90 days were only 6,634 BTC; the percentile rank is 5.5%. Over the last 30 days, only four entities’ holdings increased, with a percentile rank of just 0.6%.
So what does this mean? On the one hand, existing holdings continue to lock up the circulating supply, which is more bullish. On the other hand, new buying is cooling off, suggesting that the marginal momentum of the treasury narrative is weakening. What’s worth watching next is whether ETF fund flows and the top treasury-holding companies will step up and add again.
If the price keeps pushing higher but fresh capital can’t keep up, which would you lean toward: “existing holdings stay locked and continue to provide support,” or “a pullback first as incremental demand ebbs”?
Figure 1: BTC treasury holdings hit a record high, but additional buying cools off · Source: partial screenshot from the page
Image source: https://www.wublock123.com/news/wu-bitcoin-treasury-size-hits-record-but-buying-cools-4-institutions-68925
As of September 24, 46 listed companies and 12 sovereign governments together hold 1.916 million BTC, accounting for 9.12% of total supply—an all-time high within the past 365 days. This is up about 16.6% from a year ago. However, net additions over the past 90 days were only 6,634 BTC; the percentile rank is 5.5%. Over the last 30 days, only four entities’ holdings increased, with a percentile rank of just 0.6%.
So what does this mean? On the one hand, existing holdings continue to lock up the circulating supply, which is more bullish. On the other hand, new buying is cooling off, suggesting that the marginal momentum of the treasury narrative is weakening. What’s worth watching next is whether ETF fund flows and the top treasury-holding companies will step up and add again.
If the price keeps pushing higher but fresh capital can’t keep up, which would you lean toward: “existing holdings stay locked and continue to provide support,” or “a pullback first as incremental demand ebbs”?
Figure 1: BTC treasury holdings hit a record high, but additional buying cools off · Source: partial screenshot from the page
Image source: https://www.wublock123.com/news/wu-bitcoin-treasury-size-hits-record-but-buying-cools-4-institutions-68925
