Author: rb809rb

Strategy purchased approximately 45,000 bitcoin over the last 30 days—its fastest accumulation pace in nearly a year—while the rest of the corporate bitcoin treasury sector bought fewer than 1,000 $BTC combined, according to a new Cryptoquant report.

Cryptoquant Says Bitcoin Treasury Summer Is Over Outside Strategy

The data reveals a stark split in the corporate bitcoin market. Strategy‘s buying represents its highest 30-day purchase volume since April 2025. Every other publicly traded company holding bitcoin in treasury has, by comparison, nearly stopped buying.

Cryptoquant researchers tracked the collapse in detail. Non-Strategy treasury companies purchased a combined 1,000 $BTC in the last 30 days—a 99% decline from the August 2025 peak of 69,000 $BTC. Their share of total corporate bitcoin purchases has fallen to 2%, down from 95% in October 2024.

Participation breadth has also narrowed. Companies outside Strategy made 13 separate bitcoin purchases over the past 30 days. At the height of what Cryptoquant called “ Bitcoin Treasury Summer” in August 2025, that figure stood at 54. The number of active buyers has dropped by 76%.

Strategy’s buying cadence, by contrast, has stayed steady. The company has consistently executed four to five purchases per 30-day period, a rhythm that has held even as peers have stepped back.

The gap in holdings has widened accordingly. Strategy has added 90,000 $BTC to its balance sheet so far this year. All other treasury companies combined have added a net 4,000 $BTC over the same period. Their collective share of total treasury-company holdings fell from 26% in November 2025 to 24% today.

Strategy now holds approximately 76% of all bitcoin held by publicly listed treasury companies, according to Cryptoquant. The company’s total holdings stand at 762,099 $BTC.

The next two largest holders are not close. According to bitcointreasuries.net, Twenty One Capital—ticker XXI—holds 43,514 $BTC, placing it second globally and ahead of MARA Holdings, which recently sold 15,133 $BTC to retire $957 million in zero-coupon convertible notes. MARA now holds 38,689 $BTC.

Metaplanet Inc., the Japan-based firm trading under MPJPY, holds 35,102 $BTC and sits fourth. Bitcoin Standard Treasury Company holds 30,021 $BTC in fifth place, per bitcointreasuries.net data.

Cryptoquant notes that XXI and Metaplanet together account for just 4.3% and 3.5% of total treasury-company $BTC holdings, respectively. The rest of the sector divides a shrinking slice.

The pattern points to a bitcoin treasury sector that has consolidated around a single dominant buyer. Strategy continues to grow its position at scale. The companies that followed its model in 2025 have, for now, stopped following its pace.

Whether that reflects balance sheet constraints, shifting capital priorities, or broader caution about bitcoin at current prices is not specified in the Cryptoquant data. What the numbers show is straightforward: one company is buying, and the rest are waiting.

FAQ 🔎

• What is Strategy’s current bitcoin treasury holding? Strategy holds 762,099 $BTC, representing approximately 76% of all bitcoin held by publicly listed treasury companies.
• Why did MARA Holdings drop in the bitcoin treasury rankings? MARA sold 15,133 $BTC to repurchase $957 million in zero-coupon convertible notes, reducing its holdings to 38,689 $BTC.
• How much bitcoin has Twenty One Capital accumulated? Twenty One Capital holds 43,514 $BTC, making it the second-largest public bitcoin treasury company globally, per Bitcointreasuries.net.
• Are other companies still buying bitcoin for their treasuries? Corporate bitcoin purchases outside of Strategy have fallen 99% from their August 2025 peak, with just 1,000 $BTC bought collectively in the last 30 days.

$XRP is getting close to a crucial technical point, where what appears to be a downward trend could actually turn into a traditional bear trap. The asset’s price is currently in the $1.30-$1.35 range, having compressed into a tight structure close to the lower edge of its 2026 range. Ethereum, on the other hand, is actively defending the critical $2,000 level that, if broken, will start a spiral that will lead us to nowhere.

$XRP‘s weak foundation

From a cursory standpoint, the trend is still negative. The dominant negative structure is reinforced by the fact that $XRP is still trading below the 50, 100 and 200 EMAs, all of which are sloping downward. Recent attempts to push upward have been swiftly thwarted, and lower highs remain intact. This is precisely the kind of setting where aggressive short positioning tends to develop, particularly as the price gets closer to what seems to be a weak support zone.

But the structure that is emerging here points to a more complex idea. Despite the larger downtrend, selling pressure appears to be waning, as the asset has formed a rising local trendline while holding the wider yearly low. The fact that volume has not increased much since the most recent decline suggests that the move is not very convincing. Repeated defenses of the current range, however, suggest passive accumulation, as opposed to surrender.

A bear trap is made possible by this combination. A surge of short entries, anticipating continuation toward $1.20 or lower, could occur if $XRP momentarily breaks below the 2026 low.

However, those positions become vulnerable if the breakdown fails and the price swiftly returns to the range. In that case, short covering can stimulate a strong upward trend, particularly on a market that is already in a bearish position.

Is it getting worse for Shiba Inu?

For months, Shiba Inu has been trapped in a protracted downward trend, continuously trading below the 50, 100 and 200 EMA, all of which continue to point lower. That in and of itself indicates that the macro trend has not yet reversed.

However, it appears that the foundation for a possible reversal is being established, based on the recent price behavior. For the first time in a long time, $SHIB is printing higher lows on the chart, which highlights the emergence of a rising local trendline. That is not just any noise. It shows that buyers are willing to intervene earlier on each dip, and that selling pressure is progressively lessening.

The 50 EMA is serving as immediate dynamic resistance, as the price compresses into a tightening structure at the same time. This is a crucial requirement for any confirmation that is bullish.

The short-term trend will change if $SHIB is able to break and stay above the 50 EMA, which is currently located between 0.0000060 and 0.0000062. The path toward the 100 EMA, which is higher and in line with earlier rejection zones, would be made possible by that action. The idea that the downtrend is losing control would be strengthened if that level was cleared.

Not yet bull run

Until then, this is not a confirmed bull market but rather a phase of transition. Instead of generally trending upward, the asset is stabilizing. Conviction is still low because volume is still comparatively moderate, and momentum indicators do not indicate aggressive expansion.

$SHIB is likely to continue moving toward higher resistance levels if it breaks above and maintains the 50 EMA. The present structure runs the risk of collapsing back into the larger downtrend and possibly returning to recent lows if it fails at this barrier once more.

Ethereum’s most significant target

At $2,000, Ethereum is once again testing one of its most significant levels, both technically and psychologically. The asset’s current price behavior indicates that this level is difficult to break, at least for the time being, following a protracted downtrend that forced it from above $3,000 into a compressed range close to recent lows.

The overall framework remains pessimistic. Ethereum is still below the downward-aligned 50, 100 and 200 EMA, indicating that macro pressure is still present.

Over the past few months, every attempt at a rally has been stopped by lower highs, which has strengthened the prevailing trend. Nonetheless, a change in short-term dynamics brought about by the latest price action should not be disregarded.

The development of a rising support trendline from the most recent low, close to the $1,800 area, is noteworthy. Ethereum has been printing higher lows in opposition to this structure, indicating that buyers are gradually entering the market earlier.

Although there has not been a reversal yet, the selling momentum has definitely slowed. Demand is still present at these levels, as evidenced by the most recent decline toward $2,000, which tested and maintained that rising support.

Losing $2,000 would still be a big risk. The current stabilization phase would be invalidated, and Ethereum would probably return to the $1,800 support area if there was a clean breakdown below the rising trendline.

Ethereum is currently holding the line. At $2,000, the market is not exhibiting fear, but it is also not demonstrating a strong desire to rise. This puts the asset in a precarious position, where the medium-term course will probably be determined by the next big move.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1912.59, down 2.4% (-47.98) since 4 p.m. ET on Thursday.

One of 20 assets is trading higher.

Leaders: BCH (+0.8%) and CRO (-0.7%).

Laggards: APT (-4.6%) and AAVE (-3.2%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Another notable “whale” activity has emerged in the cryptocurrency market. According to onchain analysis, a former investor who bought Bitcoin at a low price approximately 13 years ago is continuing to divest some of their assets. It has been reported that this investor has transferred a portion of their Bitcoin holdings back to the Binance exchange.

This “early whale” first purchased 5,000 $BTC approximately 13 years ago at an average price of $332 per $BTC. In his latest transaction, the investor transferred 500 $BTC to Binance. At current prices, this amount is estimated to be worth approximately $33.28 million.

It is stated that the same whale has been selling gradually since November 2024, sending a total of 4,000 $BTC to the exchange. The total value of these transfers is estimated to be approximately $365 million, with an average selling price of $91,258. Thus, it is calculated that the investor has made a total profit of approximately $363 million.

According to the data, the address in question still holds 1,000 $BTC. The current market value of this amount is approximately $66.62 million.

Experts note that such large-scale transfers can create selling pressure on the market, but also reflect the tendency of long-term investors to take profits. Whale movements continue to be closely monitored by investors, especially in terms of market direction.

*This is not investment advice.