Institutional demand for bitcoin has stalled, and the numbers confirm it. Corporate treasuries purchased just 5,900 bitcoin over a three-month stretch, a figure that captures the current state of interest among institutions. The slowdown is plain to see, and the signals surrounding it — ETF flows, stablecoin supply, and the Coinbase premium — all point toward the same conclusion.
The Corporate Slowdown
Glassnode data shows publicly traded firms added roughly 5,900 Bitcoin over the last three months. That marks a notable deceleration from the same stretch a year prior, when corporate treasuries added more than 100,000 BTC, with July itself accounting for 89,000 coins. The recent purchases amount to under 7% of the July 2025 total.
The difference stands out plainly. In July 2025, trading for that month reached a value above $8.9 billion at a spot price over $100,000, surpassing the market capitalization of most cryptocurrencies outside the top 15. Today, with a spot price close to $76,400, those same 5,900 coins are worth around $451 million. It is no small amount, yet it pales beside what the same period delivered a year ago.
Glassnode put it plainly: “Corporate treasuries were a big buyer through 2025, and they have stepped back.” Their average purchase price is about $80,500, which sits at a cost basis of about 6% above the current spot price of $76,400. As a group, the treasuries are underwater.
Who Holds the Coins
Among the biggest corporate stockpiles sits Strategy, a company listed on Nasdaq, which holds roughly 845,050 BTC. Metaplanet, listed on Tokyo’s exchange, also ranks high, although the source does not state how much it holds. The data source Bitcoin Treasuries reports total public-company holdings of about 1.22 million BTC across some 181 listed firms.
These securities remain below their purchase price today. A recovery to $80,500 would restore them to profitability and eliminate one layer of extra supply; until that point arrives, their level serves as another ceiling on the market, according to Glassnode’s assessment.
ETF Flows and the Coinbase Premium
Since early August, spot bitcoin ETFs have drawn in billions of dollars, which points to renewed institutional interest in the asset. They still fall short of reaching a positive year-to-date total by about $1 billion, per data from SoSoValue.
CoinGlass data shows the Coinbase premium indicator has largely remained below zero since May, with a single upward excursion into positive territory on Sept. 5. A negative result indicates that bitcoin sells at a reduced rate on Coinbase compared to the price on the foreign exchange Binance, pointing to American buyers being less active than traders operating overseas.
Across other metrics, the total stock of stablecoins, used as a stand-in for new fiat funds coming into the crypto market, has remained roughly steady at between $300 billion and $310 billion this year. The supply has also stayed still over the last few weeks, despite bitcoin climbing in mid-August. That constancy points to little new money flowing in through stablecoins, with demand for them staying low.
The Numbers Compared
| Metric | Three Months Ending Now | Same Period July 2025 |
|---|---|---|
| Corporate treasuries purchased BTC | ~5,900 | >100,000 |
| Purchase value at current price | ~$451 million | ~$8.9 billion |
| ETF year-to-date flow | Positive, short of $1 billion to turn positive | Not stated |
| Stablecoin supply | Flat at $300-$310 billion | Flat at $300-$310 billion |
| Coinbase premium | Mostly negative | Not stated |
The table demonstrates the extent of the change: corporate treasuries moved from being a significant purchaser to a minor one within a matter of months.
What the Underwater Position Means
A ceiling is created by the cost basis of $80,500, which means that until the price of bitcoin climbs past that point, the corporate treasuries are forced to sell at a loss. This is a burden on the market rather than a foundation beneath it.
Glassnode’s framing is worth repeating: “A reclaim of $80.5K would put the treasuries back in profit and remove one layer of overhead supply; until then their entry is one more ceiling.” The group’s average entry price sits about 6% above spot, so the group as a whole is underwater.
The Broader Picture
While the remaining demand signals are mixed, they lean toward weakness. ETF inflows are positive, yet the year-to-date deficit of $1 billion shows institutions are still pulling out more than they are putting in. The fact that the Coinbase premium remains negative indicates U.S. buyers are less aggressive than offshore traders.
The supply of stablecoins has hardly budged throughout the year, despite bitcoin surging in August. This points to limited fresh capital flowing into the market via stablecoins.
Why This Matters
These companies were driving institutional demand for most of 2025, so their pullback matters greatly. Their retreat removes one of the largest consistent sources of purchasing from the market.
While the ETF flows indicate some institutional activity, the year-to-date numbers reveal that institutions are taking out more than they are adding in. The Coinbase premium and stablecoin supply data support the conclusion that demand has weakened across the board.
The corporate treasuries sit beneath water, which presses upon them. Bringing $80,500 back would restore their profit, yet they remain above spot until that happens.
What Comes Next
Now the question stands: will corporate treasuries sit tight, or will they begin selling? Should they choose to sell, the ceiling turns into a floor, and the market then confronts more supply at a time when other demand signals are already weak.
Should these markers remain intact, the roof will not come down until bitcoin hits $80,500 once more. Neither scenario points to much strength in the short run.
Key Facts Box
- Corporate treasuries added ~5,900 BTC in three months, vs. >100,000 in July 2025
- Average purchase price: $80,500, about 6% above spot
- Current spot price: $76,400
- ETF year-to-date: positive, roughly $1 billion short of turning positive
- Stablecoin supply: flat at $300-$310 billion
- Coinbase premium: mostly negative since May, briefly positive on Sept. 5
What matters here are the figures themselves. Through 2025, corporate treasuries were major purchasers, yet now they have pulled back. The next move hinges on whether they can recoup their initial investment or opt to sell at a loss instead. Either path points toward a reduced supply of demand compared to where the market sat a year ago.
Source material: “Corporate treasuries bought just 5,900 bitcoin in 3 months. Other demand signals look weak, too.,” CoinDesk.
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