Bitcoin Enterprise Vault increased its holdings by only 5,900 BTC in three months and is still at a loss

The latest report from the on-chain data analysis platform Glassnode, titled "The Week Onchain," shows that in 2026, publicly listed companies only increased their holdings by about 5,900 BTC, which is less than 7% of the single-month increase in July 2025 (89,000 BTC). Currently, corporate treasuries are overall in an unrealized loss state, with an average cost basis of $80,500, which is about 6% higher than the spot price.

Glassnode pointed out that in 2026, Bitcoin's price attempted to recover this cost level only twice, both of which were unsuccessful. "Buyers who stop buying and hold onto unrealized losses cannot provide support; recovering $80,500 is necessary for corporate treasuries to return to profitability and eliminate a layer of supply pressure above." Meanwhile, the Federal Reserve implemented its first interest rate hike since July 2023 on Wednesday, which may initiate a tightening cycle and put pressure on liquidity in the cryptocurrency market.

The U.S. spot Bitcoin ETF saw a net outflow of $462.7 million over five trading days ending September 11, reversing the trend of net inflows over the previous three weeks. Bitcoin's realized market cap has started to decline since September 15, currently around $1.069 trillion, indicating a lack of new buying interest at the current price level. Strategy, a business intelligence company holding the world's largest Bitcoin treasury, completed its latest increase at the end of August, purchasing 4,603 BTC, with a cost basis of $75,412 for its 845,050 BTC holdings.