Corporate Bitcoin Buying Slows Dramatically

Publicly listed companies have dramatically reduced their Bitcoin purchases in recent months. In the past three months, they've acquired only about 5,900 BTC, a significant drop from the over 100,000 BTC bought during the same period last year.

The most recent notable purchase came from Strategy, which acquired 4,603 BTC in late August at an average entry price of around $80,500. However, this means that many corporate Bitcoin holdings are currently underwater due to the current price being near $76,400.

This reduced demand from corporate treasuries is a context for the broader crypto market trends. Other signs of mixed demand and subdued liquidity growth include negative Coinbase premiums and stable stablecoin supply.