Research from onchain analytics firm Glassnode indicates that Bitcoin has lost its appeal for corporate treasuries as an investment asset, with recent buyers facing significant unrealized los
Research from onchain analytics firm Glassnode indicates that Bitcoin has lost its appeal for corporate treasuries as an investment asset, with recent buyers facing significant unrealized losses. Glassnode’s analysis points to a sharp slowdown in institutional accumulation, as capital inflows into Bitcoin continue to weaken.
Listed companies increased their collective Bitcoin holdings by just 5,900 BTC over the past three months. This figure represents less than 7% of the volume acquired in July 2025, when companies purchased 89,000 BTC while Bitcoin traded above $100,000.
The analysis shows corporate treasuries now hold their Bitcoin at an average cost basis of $80,500. With spot prices remaining about 6% below this average, these institutions are sitting on unrealized losses.
“Their average entry, the Corporate Treasury Cost Basis, sits at $80.5K, about 6% above spot, so the group as a whole is under water,” Glassnode stated in its newsletter The Week Onchain.
So far in 2026, there have been only two distinct attempts by the market to reclaim this cost basis, but on both occasions, Bitcoin failed to sustain levels above it. This failure to break even has left earlier buyers with a paper loss, reducing their incentive to support price action further.
Strategy, a business intelligence company known for holding the largest corporate Bitcoin treasury, last purchased Bitcoin at the end of August, acquiring 4,603 BTC. This marked its first major acquisition in two months. The company’s total holdings amount to 845,050 BTC, with a cost basis of $75,412 per coin.
Mini dictionary: Strategy is a US-based business analytics and intelligence firm recognized for holding the largest corporate Bitcoin treasury globally. The company’s high-profile purchases reflect institutional interest in digital assets but also expose it to significant market volatility.
Institution BTC Holdings Cost Basis Latest Purchase Corporate Treasuries (Total) 5,900 BTC (recent 3 months) $80,500 2026 Strategy 845,050 BTC $75,412 August 2026 (4,603 BTC)Investor sentiment in the Bitcoin market has shifted amid continued price declines. Glassnode’s research points to slowing capital inflows, stating that recent buyers have largely paused new accumulation. The platform detailed that “a buyer that has stopped buying and holds a paper loss is not support,” expressing concern about waning enthusiasm.
The broader macro landscape has also played a role, with the US Federal Reserve instituting its first interest rate hike since July 2023. The move marks a potential shift towards tighter monetary policy, a dynamic that typically challenges liquidity in cryptocurrency markets.
Investor appetite for Bitcoin exchange-traded products has become more volatile as well. Over the five trading days through September 11, US spot Bitcoin ETFs experienced net outflows of $462.7 million, ending a run of three consecutive weeks with net inflows.
Glassnode described the market as “in waiting,” highlighting that capital remains on the sidelines as participants monitor price developments and macroeconomic shifts.
Glassnode further observed that Bitcoin’s realized cap, a metric representing the cumulative price at which all coins last changed hands, has begun declining again as of September 15. Currently, realized cap stands at roughly $1.069 trillion, signaling reduced confidence among recent investors.
Glassnode noted, “A return to positive daily Realized Cap changes would say the buyers are back; a run of outflows while price sits under the mean would mean the range’s buyers have started to give up.”
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