In a comprehensive overview of recent market trends, Bitcoin treasury companies garnered significant attention at the recent BTC Asia conference in Hong Kong. On-chain data reveals a noteworthy increase in their overall crypto holdings, surpassing 840,000 BTC this year, with Strategy leading the pack at 637,000 BTC. However, a recent report from CryptoQuant indicates that these companies are currently adopting a more cautious approach to their cryptocurrency investments.
The report highlights a significant drop in the average size of BTC purchases. In August, Strategy acquired only 1,200 BTC per transaction, while other firms averaged just 343 BTC. These figures reflect an 86% decline from highs reached in early 2025, indicating a shift towards smaller, more hesitant buying patterns which could be a sign of liquidity constraints or diminished confidence in the market.
Despite an increase in transaction activity, the size of the deals has noticeably decreased. For instance, Strategy’s total accumulation in August was only 3,700 BTC, a stark contrast to the 134,000 BTC bought at its peak last year. Similarly, other treasury firms’ acquisitions fell from highs of 66,000 BTC to just 14,800 BTC during the same month. This trend of reduced average deal size suggests that while treasury companies remain active, their reluctance to commit large amounts of capital poses a concern for investors. Historically, robust buying from these entities contributed significantly to BTC price increases.
The current dynamics of BTC demand are worrisome, especially considering that institutions were absorbing over 3,100 BTC daily by late August 2025, in stark contrast to the mere 450 BTC being mined. This imbalance in demand and supply, which bolstered Bitcoin’s price previously, raises questions about the sustainability of the recent price strength.
Nevertheless, the BTC treasury landscape is not devoid of growth. Bitwise recently reported the formation of 28 new treasury companies within July and August, collectively adding over 140,000 BTC to their holdings. Asia is becoming a pivotal player in this sector, as evidenced by the launch of a $1 billion fund by Taiwan-based Sora Ventures aimed at nurturing regional treasury firms, with an initial investment of $200 million. Unlike Metaplanet, Asia’s largest public treasury firm holding 20,000 BTC, Sora’s fund is designed to pool institutional capital to support multiple new entrants.
This raises critical questions for the future of Bitcoin adoption and price trajectory: will this new wave of treasury companies in Asia offset the smaller purchasing behaviors of established players?
In current market movements, Bitcoin has remained stable, trading within the $110K–$113K range. This resilience is supported by expectations of imminent Federal Reserve rate cuts, increasing institutional inflows via ETFs, and improved market sentiment amid ongoing macroeconomic uncertainties.
Ethereum, meanwhile, is hovering around $4,300, facing short-term challenges—from ETF outflows and lower trading activities typical for September—but maintaining a positive long-term outlook bolstered by escalating institutional interest and staking activities. Speculations suggest that if resistance levels are broken, ETH could see targets of $4,600–$5,000.
Gold is experiencing a rally to record levels, driven by weak U.S. job data, expectations of Fed easing, a soft dollar, and ongoing political and economic uncertainties that have prompted central bank accumulation of bullion.
In the Asia-Pacific region, stocks have generally risen, with Japan’s Nikkei 225 climbing 1.5% following Prime Minister Shigeru Ishiba’s resignation amid electoral pressures.
As discussions about future developments in crypto continue, sector leaders are also contemplating the broader implications of tokenization and the potential return of Satoshi Nakamoto, further highlighting the evolving landscape of digital assets.
