Bitcoin Treasury Accumulation Surges 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 approximately $286.31 million, between September 28 and October 4. The most notable purchases came from Strive Asset Management, which acquired 2,000 BTC, and Metaplanet, which added 1,000 BTC. Michael Saylor’s Strategy and Remixpoint also contributed to the week's accumulation, with 334 BTC and 8 BTC respectively. These additions bring the total holdings of tracked public treasuries to 922,971 BTC, worth $79.07 billion at current exchange rates.

While corporate Bitcoin reserves grew, stablecoin liquidity showed signs of shifting across different blockchains. The global net stablecoin supply expanded by $715.8 million, but the Ethereum mainnet saw $974 million in net outflows. Meanwhile, Solana and Tron absorbed $371 million and $215 million in stablecoin liquidity, respectively. Other chains like Base, Arc, and Arbitrum also saw increases, indicating a rotation of capital rather than broad-based risk appetite.

The decentralized exchange (DEX) spot volume declined by 3.92% week over week, reaching $59.24 billion. Perpetual volume also fell by 9.85% to $138.12 billion. Despite this overall decline, Hyperliquid remained the largest decentralized perpetual venue with $41.53 billion in volume, though it experienced a 24.31% drop. Conversely, GMX saw a significant surge, with its volume increasing by 243.76% to $8.22 billion.

The data highlights a contrasting trend where Bitcoin treasury accumulation remains strong, even as stablecoin liquidity rotates across various chains and decentralized derivatives activity loses momentum. This dynamic underscores the evolving landscape of digital asset investments and market behavior.