BTC Treasury Firms' Buying Slumps
Glassnode’s weekly report puts monthly bitcoin accumulation by treasury companies below 10% of its November 2024 peak in every month since June. The firm puts the group’s average holding cost at about $80,200 as of 19 October and notes bitcoin’s daily close has held above that level since 18 September. Glassnode frames the companies as in profit but barely buying. No companies are named.
A 2% Cushion on a Lit Fuse
Two weeks ago, River’s data showed the entire net corporate bitcoin bid is two companies: Strategy and Strive.
Glassnode has now shown the same thing from the other side.
The sector’s monthly buying has run below 10% of its peak in every month since June. The peak was November 2024. So “barely buying” is not news about this week.
It is the condition the market has been in for four months.
What is new is the second number. The average holding cost across the tracked companies is $80,200. Bitcoin has closed above that line for five weeks. That is the sector’s cushion: about 2%.
An average says nothing about any single company. And trading below your cost forces nobody to sell. But the shape is hard to miss. The companies that stopped buying are the quiet majority.
The whole class is one red week from being underwater on average.
