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🚨 The Bitcoin Treasury Trade Is Losing Momentum! Previously, Bitcoin treasury companies could issue shares or debt at a premium to their net asset value (NAV), using the proceeds to buy more BTC and reinforce investor confidence. As several companies now trade below NAV, that financing advantage is fading, making new capital raises increasingly dilutive. 📊 On-chain data also points to softer institutional demand: 🔹 Bitcoin fund holdings have fallen from ~1.33M BTC in May to ~1.20M BTC. 🔹 The Coinbase Premium Index remains negative at around -0.11, indicating weaker U.S. spot demand compared to offshore markets. 📉 Despite this, exchange flows do not signal widespread whale selling. Both total BTC inflows and the largest exchange deposits remain below historical averages, suggesting the current weakness is driven more by slowing institutional buying than aggressive distribution. ⚠️ The challenge is becoming more visible. Strategy has authorized up to $1.25B in potential Bitcoin sales as lower crypto prices pressure the digital asset treasury model, while Citi also highlighted ETF outflows and potential treasury-company selling as headwinds for market sentiment. 💡 A sustained recovery will likely require stronger corporate equity premiums, renewed ETF inflows, improving fund holdings, and a positive Coinbase Premium. Until then, institutional demand may remain constrained by both market conditions and macro uncertainty. #Bitcoin #BTC #Strategy #Coinbase #ETF #Crypto #OnChain #Institutional #Blockchain #MarketUpdate