CryptoQuant data shows total institutional BTC holdings, including ETFs, trusts, and closed-end funds, fell from 1.33M to 1.2M coins over three months. Several Bitcoin treasury companies now trade below their BTC net-asset-value, and Strategy (MicroStrategy) sold 1,638 BTC last week.
Matters because: A cooling corporate-treasury bid and weaker NAV premiums may signal reduced structural demand from this buyer base.