Bitcoin treasuries buy just 5.9K BTC in three months as paper losses linger

Bitcoin corporate treasuries continue to suffer paper losses as the cryptocurrency price tumbled below $80,000 and fresh capital inflows dried up, according to a recent analysis. Research from onchain analytics platform Glassnode indicates that Bitcoin (BTC) purchases by listed companies in 2026 amounted to just 5,900 BTC, a significant drop from the 89,000 BTC bought in July 2025 alone.

On average, these corporate treasuries hold their holdings at a cost basis of $80.5K, which is about 6% higher than the current spot price. The report highlights that only two attempts have been made to recover this cost basis in 2026, but both were unsuccessful as the price failed to stay above it. A buyer holding a paper loss is not considered supportive, and until these treasuries reach profitability by returning to the $80.5K entry point, they act as overhead supply.

The sentiment shift in the Bitcoin market is evident, with investors uncertain about the cryptocurrency's price strength in the current macro environment. The US Federal Reserve's recent interest rate hike could further dampen crypto market liquidity, as buyer appetite for Bitcoin exchange-traded products is highly sensitive to short-term price fluctuations.

US spot Bitcoin ETFs experienced net outflows of $462.7 million in the first five days of September, reversing a three-week trend of net inflows. Glassnode attributes this performance to a "market in waiting," and the realized cap, which measures the cumulative price at which Bitcoin's supply last moved onchain, is falling as of September 15, indicating a lack of fresh buyer interest at the current price.

A return to positive daily Realized Cap changes would signal renewed buyer interest, while a succession of outflows while the price remains below the mean may suggest that current buyers are losing faith in the market.