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BTC Glassnode data shows that corporate Bitcoin treasury is facing unrealized losses, and new purchases are stagnant.
Research by on-chain analysis company Glassnode shows that the attractiveness of Bitcoin as an investment asset to corporate treasury is declining, and recent buyers are facing huge unrealized losses. Glassnode's analysis points out that as capital inflows continue to weaken, the rate of institutional accumulation slows sharply.
Corporate positions are under pressure due to weak prices
In the past three months, the collective holdings of listed companies have increased by only 5,900 bitcoins. This figure is well below the acquisition volume in July 2025, when Bitcoin transactions were above $100,000 and companies purchased 89,000 bitcoins, compared with the current increase of less than 7%.
Analysis shows that the current average cost basis for holding Bitcoin in corporate treasuries is US$80,500 per coin. With spot prices still about 6% below that average, these institutions are in an "underwater" situation, or paper losses. "Their average entry point-the corporate treasury cost base-is at $80,500, which is about 6% higher than the spot price, so the entire group is at a loss," Glassnode said in its newsletter "Week on the Chain."
So far, the market has tried only two times in 2026 to regain this cost base, but on both occasions, Bitcoin has failed to maintain above the cost line. This inability to break even has left early buyers with paper losses and reduced their willingness to further support prices.
Strategy（一家以持有最大企业比特币国库闻名的商业智能公司）于8月底最后一次购买比特币，购入4,603枚。这是该公司两个月来的首次重大收购。该公司总持仓量为845,050枚比特币，每枚的成本基础为75,412美元。
弱资金流入反映谨慎情绪
随着价格持续下跌，比特币市场的投资者情绪发生了变化。Glassnode的研究指出，资金流入正在放缓，近期的买家大多暂停了新的积累。该平台详细指出：“一个停止购买且持有账面损失的买家并不能提供支撑”，表达了对热情减退的担忧。
更广泛的宏观环境也起到了一定作用。美国联邦储备系统实施了自2023年7月以来的首次加息。此举标志着货币政策可能转向紧缩，这通常会对加密货币市场的流动性构成挑战。
投资者对比特币交易所交易产品（ETF）的兴趣也变得更具波动性。在截至9月11日的五个交易日中，美国现货比特币ETF经历了4.627亿美元的资金净流出，终结了此前连续三周净流入的趋势。
Glassnode将市场描述为“处于观望状态”，强调资金仍然在场外，参与者正在密切关注价格发展和宏观经济变化。
Glassnode进一步观察到，自9月15日起，比特币的实现市值（Realized Cap，代表所有硬币最后一次换手时的累计价格指标）开始再次下降。目前，实现市值约为1.069万亿美元，这表明近期投资者的信心有所减弱。
Glassnode指出：“如果每日实现市值的变化回到正值，说明买家回来了；如果在价格低于均值的情况下出现连续流出，则意味着区间内的买家已经开始放弃。”
