🏦 Bitcoin “treasury companies” are back in the black, but they’re hardly buying
Latest Glassnode data shows that publicly listed companies holding Bitcoin as a treasury asset have an average cost basis of around $80,000. BTC has closed above that level every day since September 18, putting these holdings back in the green overall.
But here’s the interesting part: after breaking even, they’ve barely resumed buying.
🔹 According to a news roundup on X, these companies collectively hold around 1.27 million BTC
🔹 Strategy added just 267 BTC to its holdings last week
🔹 Today, BTC is still trading back and forth around $82,000–$84,000—not far above that $80,000 cost basis
Glassnode highlights a key dynamic: when companies are in profit, buying can become self-reinforcing. Buying pushes up the coin price, which lifts the stock price, allowing the company to raise funds and buy even more coins. But when that flywheel stops turning, they go from “driving the market” to “watching from the sidelines.”
My take: the $80,000 level now has two meanings. Above it, it’s a psychological safety net for treasury companies. Below it, assets on their balance sheets fall into the red, making financing harder and potentially reversing the flywheel. So rather than focusing on who’s once again claiming that “institutions are buying,” it’s worth watching two things: whether the price can hold above $80,000, and whether these companies’ announcements show a real pickup in buying.
Do you think treasury companies are sitting on their hands to manage risk rationally, or are they waiting for lower prices?
#比特币 #BTC #Glassnode #InstitutionalHoldings
Latest Glassnode data shows that publicly listed companies holding Bitcoin as a treasury asset have an average cost basis of around $80,000. BTC has closed above that level every day since September 18, putting these holdings back in the green overall.
But here’s the interesting part: after breaking even, they’ve barely resumed buying.
🔹 According to a news roundup on X, these companies collectively hold around 1.27 million BTC
🔹 Strategy added just 267 BTC to its holdings last week
🔹 Today, BTC is still trading back and forth around $82,000–$84,000—not far above that $80,000 cost basis
Glassnode highlights a key dynamic: when companies are in profit, buying can become self-reinforcing. Buying pushes up the coin price, which lifts the stock price, allowing the company to raise funds and buy even more coins. But when that flywheel stops turning, they go from “driving the market” to “watching from the sidelines.”
My take: the $80,000 level now has two meanings. Above it, it’s a psychological safety net for treasury companies. Below it, assets on their balance sheets fall into the red, making financing harder and potentially reversing the flywheel. So rather than focusing on who’s once again claiming that “institutions are buying,” it’s worth watching two things: whether the price can hold above $80,000, and whether these companies’ announcements show a real pickup in buying.
Do you think treasury companies are sitting on their hands to manage risk rationally, or are they waiting for lower prices?
#比特币 #BTC #Glassnode #InstitutionalHoldings