Is the corporate Bitcoin treasury strategy wobbling? Net selling logged for three straight weeks

With Bitcoin (BTC) trading around $66,000, corporate Bitcoin holders were seen extending a net-selling streak to three consecutive weeks.

According to crypto-focused media outlet Cointelegraph on the 23rd, publicly listed companies that hold Bitcoin as a treasury asset have recorded net selling for the past three weeks. It is the first such occurrence since the metric began being tracked. The indicator monitors net buying and net selling of Bitcoin on companies’ balance sheets.

Nick Purkhin, co-founder of Coin Bureau and a market analyst, said that “if corporate selling spreads, Bitcoin could undergo further corrections and potentially fall toward bear-market lows.” He added, however, that “if this is part of unwinding excessive leverage and speculative positions, it could be a healthy correction over the long term.”

The top 20 largest corporate holders have not shown a clear selling move recently, but some small- and mid-sized firms reduced their holdings. China-based listed company Cango cut its holdings by more than 54% in two weeks, from 8,095 BTC to 3,644 BTC. U.S. digital-asset manager Exodus Movement and Singapore-based Genius Group were also tallied as having reduced some of their positions.

Bitcoin miner Bitdeer reportedly sold its entire 943 BTC position, bringing its corporate treasury holdings down to zero.

Macro uncertainty is also cited as a headwind. President Trump recently announced raising the global tariff rate to 15%. This has prompted analysis that risk-off sentiment could spread across global markets.

In addition, U.S.-listed spot Bitcoin exchange-traded funds (ETFs) have posted net outflows for five straight weeks, with about $2.6 billion having exited so far this year.