Bitcoin Treasuries Grow as Stablecoin Liquidity Shifts Across Chains

Bitcoin treasury accumulation continued its upward trend last week, with four companies adding a combined 3,342 BTC, valued at nearly $286.31 million, between September 28 and October 4. The most notable additions came from Metaplanet, which increased its holdings by 1,000 BTC to reach a total of 44,000 BTC, and Remixpoint, which added 8 BTC to its existing 1,509 BTC. In total, tracked public treasuries now hold 922,971 BTC, worth approximately $79.07 billion at current exchange rates.

While corporate Bitcoin accumulation remains strong, stablecoin liquidity is shifting across different blockchains. Despite a global net expansion of $715.8 million in stablecoin supply, Ethereum saw $974 million in net outflows. Meanwhile, Solana absorbed $371 million, Tron took in $215 million, and smaller chains like Base, Arc, and Arbitrum also saw significant inflows. This rotation suggests a lack of broad-based risk appetite in the market.

Decentralized exchange (DEX) spot volumes fell 3.92% week over week to $59.24 billion, while perpetual volume dropped 9.85% to $138.12 billion. Hyperliquid remained the largest decentralized perpetual venue, despite a 24.31% decline, while GMX saw a surge of 243.76% to $8.22 billion. Overall, Bitcoin treasury accumulation remains robust even as stablecoin capital rotates across chains and decentralized derivatives activity slows.