Data: Bitcoin institutional holdings shrink by 10% over three months, corporate treasury model under pressure

According to Cointelegraph, CryptoQuant's on-chain data shows that institutional BTC holdings, including trusts, ETFs, and closed-end funds, have decreased from 1.33 million coins three months ago to 1.2 million coins, a decline of about 10%.

At the same time, the corporate Bitcoin treasury model is also under pressure. Analyst Novaque Research pointed out that several Bitcoin treasury companies currently have market values that have fallen below their BTC net asset values (NAV), and the previous positive cycle mechanism of "stock price premium → financing to buy coins → strengthening premium" has significantly weakened. The largest publicly traded company by holdings, Strategy, sold 1,638 BTC last week.