Bitcoin treasuries log rare selling streak as BTC trades near $66K
Continued selling from treasury companies and US Bitcoin ETFs threatens a deeper retracement for BTC, but some analysts see it as a sign of a healthy flush in speculative leverage.
Corporate Bitcoin treasury companies posted a rare three-week selling streak, a shift analysts say could deepen Bitcoin’s pullback if fresh demand doesn’t emerge.
Bitcoin (BTC) treasury companies logged three consecutive weeks of selling, according to Capriole Investments’ Bitcoin Treasuries buy and sell indicator shared by educational platform Coin Bureau. The metric tracks net buying and selling by public companies that hold Bitcoin on their balance sheets.
It marked the first three-week selling streak in the short history of BTC treasury companies. Continued corporate selling threatens to push Bitcoin’s price toward a new ”bear market low,” said Nic Puckrin, co-founder and lead market analyst at Coin Bureau.