Bitcoin Institutional Holdings Shrink 10% Over Three Months, Corporate Treasury Model Under Pressure

TechFlow news, August 6, according to CryptoQuant on-chain data, institutional BTC holdings, including trusts, ETFs, and closed-end funds, have decreased from 1.33 million BTC three months ago to 1.2 million BTC, a decrease of approximately 10%.

Meanwhile, the corporate Bitcoin treasury model is also facing pressure. Novaque Research analysts pointed out that currently, the market capitalization of multiple Bitcoin treasury companies has fallen below the net asset value (NAV) of their BTC holdings, and the previous positive cycle mechanism of "stock price premium → financing to purchase BTC → reinforcing premium" has significantly weakened. Strategy, the listed company with the largest holdings, even sold 1,638 BTC last week.