Bitcoin corporate treasuries have sharply curtailed their purchasing pace, adding roughly 5,900 BTC in 2026 — less than 7% of the holdings accumulated in July 2025 alone — as existing holders remain underwater on paper losses, according to onchain analytics firm Glassnode.
During the July 2025 buying spree, companies acquired 89,000 BTC while BTC/USD traded above $100,000. In contrast, the aggregate cost basis for extant corporate Bitcoin holdings now sits at approximately $80,500 per coin, roughly 6% above spot prices. That gap has left the group broadly unprofitable. Glassnode noted that 2026 has seen only two attempts by Bitcoin to reclaim the $80,500 threshold, both of which ultimately failed as price declined back below the level.
"A buyer that has stopped buying and holds a paper loss is not support," Glassnode wrote in its weekly newsletter, The Week Onchain. "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."
Strategy, formerly MicroStrategy, continues to hold the largest corporate Bitcoin balance sheet, having made its most recent purchase at the end of August when it added 4,603 BTC — its first acquisition in two months. Its average cost basis on the 845,050 BTC it now owns is approximately $75,412 per coin.
The deceleration in corporate accumulation coincides with drying capital inflows across other channels. US spot Bitcoin exchange-traded funds recorded net outflows of $462.7 million across five trading days through Sept. 11, unwinding three consecutive weeks of inbound money. On Sept. 10, the US Federal Reserve enacted its first interest-rate hike since July 2023, potentially marking the start of a tightening cycle that traditionally pressures crypto-market liquidity.
Glassnode characterized the current environment as a "market in waiting." Bitcoin's realized cap — the cumulative price at which onchain supply last moved — began falling as of Sept. 15, now standing at roughly $1.069 trillion, signaling weak appetite among new buyers at prevailing prices. "A return to positive daily Realized Cap changes would say the buyers are back; a run of outflows while price sits under the mean would mean the range's buyers have started to give up," Glassnode concluded.
