Public companies that hold Bitcoin and Ether have mostly halted their accumulation since the market slump in early October — a sign of waning confidence among major crypto investors.
According to David Duong, Coinbase Institutional’s global head of investment research, digital asset treasury (DAT) firms that typically purchase Bitcoin “have largely ghosted the post–Oct. 10 drawdown and are yet to re-engage.”
“Over the past two weeks, BTC buying by DATs has dropped to near year-to-date lows and hasn’t meaningfully recovered, even during market rebounds,” Duong noted.
The slowdown underscores growing caution across the sector. Many crypto treasury firms now see their valuations approaching the value of their underlying assets, while their stock prices have cooled following earlier surges.
Bitcoin plunged about 9% between Oct. 10 and Oct. 11, sliding from around $121,500 to below $110,500. It briefly fell under $105,000 this month before recovering to about $114,250, where it has remained relatively flat over the past 24 hours.
Still, not all players have retreated. BitMine continues to buy, even as others hold back.
Duong emphasized that the current pause is notable because these treasury investors are “usually heavy hitters with deep pockets,” and their retreat since Oct. 10 “suggests limited confidence on their part.”
The buying slowdown “reflects continued caution from major players after the recent leverage washout, even at current support levels,” Duong said.
He noted that Ether-focused treasury firm BitMine Immersion Technologies has been the only consistent buyer since the market downturn, spending more than $1.9 billion since Oct. 10 to acquire nearly 483,000 ETH.
Ether mirrored Bitcoin’s decline earlier this month, falling over 15% to a low of $3,686 between Oct. 10 and 11, before recovering slightly to around $4,130.
According to Duong, BitMine’s aggressive buying, along with “smaller contributions from other funds,” has kept total seven-day purchases by ETH treasury firms in positive territory.
However, he cautioned that if BitMine were to “slow or pause, the apparent corporate bid could fade.”
“We believe this calls for more cautious positioning in the short term,” Duong added. “The market seems increasingly fragile when the largest discretionary balance sheets remain on the sidelines.”
