Asia Morning Briefing: BTC Treasury Accumulation Eases, CryptoQuant Alerts

Institutional treasuries are holding more bitcoin than ever, but their reduced deal sizes point to growing caution in the market.

Aggregate treasury balances reached 840,000 BTC this year, according to CryptoQuant, with Strategy dominating at 637,000 BTC. However, the average purchase size in August fell by 86% from earlier in 2025, dropping to 1,200 BTC for Strategy and 343 BTC for peers.

The pattern is clear: more frequent transactions, but smaller allocations. Strategy bought just 3,700 BTC in August, a fraction of the 134,000 BTC it acquired at last year’s peak. Other firms showed a similar pullback.

The trend is significant because bitcoin’s second-quarter rally was fueled by treasury demand, with institutions at one point absorbing six times the daily mined supply. Softer demand now raises questions over whether price momentum can hold without renewed large-scale buying.

Even so, expansion continues. Bitwise counts 28 new treasury firms added in July and August, with 140,000 BTC collectively. Meanwhile, Taiwan’s Sora Ventures has launched a $1 billion fund to seed Asian treasuries, aiming to replicate Metaplanet’s success while diversifying across multiple firms.