Bitcoin treasury demand concentrates as Strategy buys ~45,000 BTC
CryptoQuant reports that “Bitcoin treasury companies” have gone quiet except Strategy, Michael Saylor’s business intelligence firm. It is now the sole driver of Bitcoin treasury demand, creating a “one buyer market.”
Over the last 30 days, Strategy accumulated about 45,000 BTC. That is its highest 30-day purchase since April 2025, and it signals the fastest accumulation pace in nearly a year. Purchases from other Bitcoin treasury companies have nearly stalled: they bought only around 1,000 BTC in the same period, down 99% from 69,000 BTC in August 2025. Their purchase count collapsed to 13 in 30 days (vs 54 at the peak). Their share of overall treasury holdings also slipped to about 24%.
Strategy’s buying rhythm remains steady at roughly 4–5 purchases per 30-day window. While other firms’ holdings are flat, Strategy’s total BTC holdings rose by about 90,000 BTC this year, compared with only ~4,000 BTC for the rest. As a result, Strategy now holds roughly 76% of all BTC held by Bitcoin treasury companies, while XXI and Metaplanet hold about 4.3% and 3.5%.
Implication: Bitcoin treasury demand is becoming highly concentrated, weakening diversified institutional participation.
Bearish
This news is bearish mainly because it signals deteriorating breadth of institutional demand. While Strategy’s BTC accumulation (~45,000 BTC in 30 days) is supportive in isolation, CryptoQuant highlights that other Bitcoin treasury companies’ participation collapsed (roughly 1,000 BTC in 30 days; purchases fell to 13 vs 54 at peak). That “one buyer market” increases dependence on a single corporate actor. Historically, when demand narrows to one cohort, markets become more sensitive to any change in that actor’s buying pace, raising downside risk during risk-off rotations.
Short-term: Traders may interpret Strategy’s continued buying as a floor for BTC, but the lack of wider treasury participation can limit sustained upside follow-through.
Long-term: If concentration persists, it may weigh on confidence in institutional demand diversification—often a prerequisite for stronger bull-phase breadth. Conversely, if other treasury players re-enter, the signal could turn neutral-to-bullish; until then, the dominance of Strategy implies structurally weaker support.