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BTC 公开上市公司在过去三个月内仅购买了 5,900 BTC。Glassnode 的数据显示，这一数字相较于去年公司的采购量出现了显著放缓。此外，公司的平均持仓成本约为 80,500 美元，而比特币当前交易价格约为 76,400 美元，这意味着该群体目前仍处于亏损状态。
公司为何放缓比特币采购？
根据 Glassnode 的数据，公开上市公司在过去三个月中增加了约 5,900 BTC 的持仓。其中大部分由在纳斯达克上市的 Strategy 公司购入。该公司在 8 月底购买了 4,603 BTC。
按每枚比特币约 76,400 美元的当前价格计算，公司在过去三个月购买的 5,900 BTC 总价值约为 4.51 亿美元。虽然这一数字单独看来并不小，但与去年同期相比差距巨大：当时公司购买了超过 100,000 BTC。仅在 2025 年 7 月，就有约 89,000 BTC 进入公司金库。
过去三个月购买的 5,900 BTC 不到 2025 年 7 月采购量的 7%。当时比特币交易价格在 100,000 美元以上，因此仅 7 月份的公司采购额就超过了 89 亿美元。Glassnode 指出，尽管公司在 2025 年全年一直是比特币市场的重要买家，但近期已出现撤退迹象。
公司的比特币平均成本为 80,500 美元
In addition to the slowdown in procurement, another figure worth noting is $80,500. Glassnode calculates that the average Bitcoin cost for a publicly traded company is approximately $80,500, a level that is approximately 6% higher than current prices. In other words, the bitcoins held by the company are on average floating losses at the current price.
If Bitcoin breaks through US$80,500 again, the company's treasury will return to profitable status. According to Glassnode, this trend may reduce selling pressure and make the company's cost level no longer a resistance level.
According to Bitcoin Treasures data, the total Bitcoin positions of 181 publicly listed companies are approximately 1.22 million. Strategy leads the way with approximately 845,050 bitcoins, becoming the largest institutional bitcoin holder. Tokyo-based Metaplanet is also one of the major institutional vaults. Currently, the cost of holding a position for all companies is higher than the current market price.
How are other bitcoin demand indicators performing?
The slowdown in corporate procurement is not the only demand issue in the market. Spot Bitcoin ETFs traded in the United States have attracted billions of dollars in inflows since early August. However, the total year-to-date capital flow is still approximately minus US$1 billion. As a result, the recovery in ETFs has not fully offset the weakness in corporate purchasing.
CoinGlass's Coinbase premium indicator has also raised questions about U.S. buyer interest. This indicator has mostly remained negative since May, and only briefly turned positive on September 5. A negative Coinbase premium suggests that Bitcoin is traded on Coinbase at a lower price than overseas exchanges such as Binance, suggesting that demand from U.S. buyers is weaker compared to other markets.
Why is the supply of stablecoins important?
Investors looking to track new money entering the market are also closely watching the supply of stablecoins. This year, the total supply of stablecoins has mainly remained in the range of US$300 billion to US$310 billion. In recent weeks, this number has not increased significantly. Even though Bitcoin rose in mid-August, the supply of stablecoins did not increase significantly.
Although the supply of stablecoins does not directly represent the total amount of new funds entering the market, analysts use it as a measure of the speed at which fiat capital enters the crypto market. The current sideways trend suggests that the influx of new funds has not been strong during the Bitcoin rally.
Therefore, it is not enough to just focus on the price trend of Bitcoin. The company's 5,900 BTC purchases, a $80,500 cost line, a negative Coinbase premium, and a stagnant supply of stablecoins at $300 - 310 billion together raise the question: How long can Bitcoin's upward trend last before company demand accelerates again?
比特币收复 80,500 美元关口可能减轻公司金库的压力，但要呈现更强劲的需求态势，仍需公司采购加速、ETF 流入增强以及新资金入场。本内容基于一般市场数据，不构成投资建议。请读者自行研究。
