🚨 The pressure is mounting on the Bitcoin "treasuries" of businesses
Data from Capriole Investments shows a notable signal in the market:
📊 77.4% of the Bitcoin held by companies is currently below cost price
📉 65.6% are even losing more than 20% compared to the purchase price
While the price of Bitcoin has sharply adjusted to around ~67,000 USD, most institutions that bought in during the previous hot phase are now under pressure of losses on their books.
It is noteworthy that this level of being "underwater" is approaching the stressful periods that occurred during the 2022–2023 down cycle, when many organizations had to restructure their positions.
📌 Market implication:
When the treasury loss ratio increases, selling pressure may rise if institutions need liquidity.
However, historically, the regions where most institutional holders are losing are often also the areas where the market approaches cyclical bottom formation.
📊 Quick analysis:
If the price continues to stay below the 70k–75k range, many corporate treasuries will continue to face pressure. Conversely, just one recovery move back above this range could quickly return most institutional positions to breakeven or profit, potentially helping to significantly reduce selling pressure in the market.