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Bitcoin Treasury Companies was the lecture on the city during the recent BTC Asia Conference in Hong Kong, and onchain data show that they have more than ever in their virtual boxes, but a new report from Cryptoquant emphasizes that they are a little more cautious in their cryptobuys.
Cryptoquant data shows Total BTC Treasury Holdings hit 840,000 BTC this year, led by strategy with 637,000 BTC.
Still, the average purchase size has collapsed: Strategy bought only 1,200 BTC per day. Transaction in August, while other companies were an average of 343 BTC. Both figures are down by 86% from the early 2025 heights that signal smaller, more hesitant buyer, suggesting liquidity constraints or declining convictions.
The numbers show a striking divergence. Transaction activity is close to record levels, 53 agreements in June and 46 in August, but each agreement involves far less Bitcoin.
Strategy acquired only 3,700 BTC in August compared to 134,000 BTC at its highest last year, while other Treasury companies glided to 14,800 BTC from heights of 66,000 BTC.
The decrease in the average deal size suggests that Treasury is still active but unwilling to commit large capital blocks, reflecting both liquidity restrictions and more cautious market psychology.
All of this should be considered a concern for investors, as BTC’s award growth in the second quarter of the year was largely driven by the accumulation of Treasury Companies, Coindesk index data shows.
At the end of August 2025, institutions absorbed more than 3,100 BTCs a day against only 450 extracted, creating a demand for demand of 6: 1 that emphasized that emphasized how relentless institutional purchases ran Bitcoin’s price higher, Coindesk reported at that time.
This slouching demand increases the risk that the current price strength may be less sustainable if Treasury continues to buy gently rather than on scale.
That is not to say that there is no growth in the BTC Treasury sector. It’s just less.
Bitwise reports that 28 new treasury companies were formed in July and August alone, which overall added more than 140,000 BTC.
Meanwhile, Asia emerges as the next front for digital asset box companies such as Taiwan-based Sora Ventures has launched a $ 1 billion fund for the Seed-Regional Ministry of Finance with an original commitment of $ 200 million.
Unlike the Metaplanet, Asia’s largest public Treasury company with 20,000 BTC on its balance, Sora’s vehicle will gather institutional capital to support several participants.
Whether Asia’s new wave offset the shrinking bite sizes of established companies in accumulation is now the key question for the next phase of the Bitcoin adoption – and where the price goes.
Market movement
BTC: Bitcoin remains resilient around $ 110K -$ 113K series, supported by expectations of cuts in Federal Reserve, Rising Institutional Inflows via ETFs and improved market atmosphere in the midst of macroeconomic uncertainty
ETH: Ethereum trades near $ 4,300 level. Its short-term weakness with a 3.8% weekly decline is attributed to ETF outflows and seasonal muted trade in September. However, prolonged prospects remain positive, bent with institutional interest, growing stacking activity and speculative forecasts aimed at $ 4,600- $ 5,000 if the resistance breaks
Gold: Gold is gathered for record levels in the midst of a combination of weak American job data, increased bold light expectations, a soft US dollar, political and economic uncertainty and continued central bank’s accumulation of gold.
Nikkei 225: Asia-Stocking’s warehouses rose mostly on Monday, with Japan’s Nikkei 225 up 1.5%, after Prime Minister Shigeru Ishiba retired after pressure from his election defeat.
Other places in crypto
- Chainlink CEO sees tokenization as the sector’s rising future after meeting SEC’s Atkins (Coindesk)
- Why Sharplink’s CEO thinks Bitcoin creator Satoshi Nakamoto returns (Decrypt)
- Financing: Why Crypto VCs are betting on prediction markets now (the block)
