Is Bitcoin Treasury Hype Fading? Data Suggests So
Bitcoin treasury corporations have seen a record-breaking 2025 to this point, however CryptoQuant information reveals momentum has began to decelerate.
Bitcoin Treasuries May Be Observing A Slowdown
In a brand new post on X, on-chain analytics agency CryptoQuant has mentioned how the most recent pattern is wanting relating to Bitcoin corporate treasuries. Popularized by Michael Saylor’s Strategy (previously Microstrategy), the treasury playbook refers to a mannequin the place a publicly listed entity buys and retains BTC as a reserve asset on its stability sheet.
The earlier cycle noticed this treasury technique acquire some steam, however issues have gone up a notch this cycle because the success of Strategy has inspired corporations to go bolder.
As the under chart reveals, 2023 peaked at simply 15 new treasury patrons of Bitcoin, however the quantity greater than doubled to 38 in 2024.
2025 has solely continued this pattern of acceleration, with 89 corporations already having added BTC to their stability sheets, when there are a couple of months left to go for the yr.
That stated, whereas 2025 has definitely been spectacular to this point, granular information may present early indicators {that a} shift could also be underway.
As is seen within the above graph, the Bitcoin treasury technique hype noticed a rise over the yr, peaking at 21 new corporations in July. In August, nonetheless, the quantity dropped to fifteen, and within the first half of September, to this point, only one new firm has employed this mannequin. Based on the information, CryptoQuant concludes, “the slowdown has begun.”
The cooldown in momentum can be evident within the inventory charts of a few of these corporations.
Examples of this embody The Blockchain Group, which was sitting at +1,820% at its peak earlier than seeing a decline to +443%, and Metaplanet, right down to +55% from its +355% prime. “Signs the hype is deflating as actuality units in,” notes the analytics agency.
Though whereas indicators have been there for a slowdown, the large patrons haven’t appeared carried out accumulating Bitcoin but. Strategy has usually been shopping for and has added $19.3 billion to its reserves year-to-date. Similarly, Metaplanet has expanded its treasury by $1.92 billion.
Today, Bitcoin treasury corporations as a complete management greater than 1 million tokens, equal to five% of all the BTC provide in circulation. Strategy alone makes up for 66% of this stack.
BTC Price
Bitcoin has furthered its restoration over the previous day as its value has surged to $116,600.
