Bitcoin Treasuries Add Just 5.9K BTC in Three Months as Paper Losses Persist

The shift matters less for the modest size of the purchases than for what it signals: the treasury-company bid, which had been a reliable source of demand, is now constrained by unrealized losses and weaker access to fresh capital. That removes a price-insensitive buyer from the market precisely when prices are falling, potentially amplifying downside moves. The open question is whether these holders keep accumulating once their positions return to profit, or whether the model's dependence on rising prices to raise more capital becomes a lasting structural limit.