Bitcoin's Selling Pressure Weighs on Price, Hurting Digital Asset Treasuries

Ki Young Ju, the founder of CryptoQuant, warned that Bitcoin's price action is being weighed down by persistent selling pressure. According to him, even after record inflows of $308 billion in 2025, Bitcoin's total market capitalization fell by $98 billion.

Ju noted that the relationship between new capital and price appreciation has weakened compared with prior cycles. He pointed out that in 2024, roughly $10 billion in inflows translated into an estimated $26 billion increase in Bitcoin's book value.

As a result of this selling pressure, Ju said that Bitcoin is not 'pumpable' right now and that digital asset treasuries, including MSTR, are likely to remain under pressure until Bitcoin breaks its downtrend.

MSTR's stock fell 3.27% in pre-market trade on Tuesday, despite the company outperforming Bitcoin year-to-date.