Corporate Treasuries Cut Back Bitcoin Buys Amid Bear Market Uncertainty

Corporate treasuries have drastically reduced their Bitcoin (BTC) purchases over the past three months, buying just 5,900 BTC in total.

This is a significant drop from July last year when companies bought 89,000 BTC, even as the price of BTC/USD traded above $100,000.

Glassnode notes that for extant corporate treasuries, profitability remains conspicuously lacking. Their average entry cost basis sits at $80,500, about 6% above spot, meaning the group as a whole is underwater.

Data shows that this year has only seen two attempts to reclaim that cost basis, both of which were unsuccessful as price failed to hold above it.