Since BTC price fell below 100,000 USD, market panic has been spreading. Alternative data shows that the Crypto Assets Fear and Greed Index is at 14. Yesterday, it even reached 10, marking the lowest level since February 27, with the market continuing to be in a state of "extreme fear."


CryptoQuant stated that long-term holders of Bitcoin have recently significantly reduced their positions, selling a total of approximately 815,000 BTC. This is the highest level since January 2024. Against the backdrop of weakened demand, the continued selling pressure is exerting a downward impact on the price. However, if we only dwell on the panic atmosphere created by this set of numbers, the market may easily overlook a more covert, yet equally critical fact: Bitcoin is also being absorbed by another force.

According to bitcointreasuriesnet data monitoring, in the past month, 4 entities have added Bitcoin to their reserves, bringing the total number of entities holding BTC globally to 355. Institutional holdings increased by 4.05 million coins in the past month, valued at approximately 400 million dollars. Extending the time frame to a longer dimension, in the third quarter, listed companies net purchased 195,000 BTC, with an investment scale reaching 20.5 billion dollars.

Especially the BTC loyalist Strategy. The company currently holds a total of 641,000 BTC, valued at approximately 6.7 billion USD, far exceeding the second place MARA Holding, with a profit of 41%. The core strategy of Strategy is: to hold Bitcoin indefinitely and never sell, using Bitcoin as the primary reserve asset against fiat currency inflation. The company purchases Bitcoin almost every week, with nearly 1,442 BTC acquired in the past month.