Bitcoin Treasuries Hit $109B as Metaplanet's $237M Transfer Sparks Concern
The value of Bitcoin held by treasury companies has surpassed $100 billion for the first time since early June, reaching $109 billion on August 28. This significant milestone reflects Bitcoin's recent recovery.
However, fresh exchange transfers from Metaplanet have raised questions about whether some treasury companies could reduce their exposure. The company moved 3,000 BTC worth $237 million into Coinbase Prime, but its recorded holdings remained unchanged at 43,000 BTC.
This activity could indicate internal reorganization or preparations for a potential sale, although the purpose of the transfer remains unconfirmed.
Despite concerns around Metaplanet, broader exchange-side pressure remains limited. The Bitcoin Exchange Supply Ratio fell to a monthly low of 0.134 over ten days, indicating that a smaller proportion of Bitcoin's supply is available on exchanges.