{"id":52982,"date":"2025-10-28T09:39:53","date_gmt":"2025-10-28T02:39:53","guid":{"rendered":"https:\/\/hbbgroup.net\/bitcoin-ether-treasuries-have-ghosted-since-the-crypto-crash\/"},"modified":"2025-10-28T09:39:53","modified_gmt":"2025-10-28T02:39:53","slug":"bitcoin-ether-treasuries-have-ghosted-since-the-crypto-crash","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/bitcoin-ether-treasuries-have-ghosted-since-the-crypto-crash\/","title":{"rendered":"Bitcoin, Ether treasuries have \u2018ghosted\u2019 since the crypto crash"},"content":{"rendered":"
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Crypto treasury companies tightened their purse strings after the Oct. 10 market crash, with one exception, said Coinbase\u2019s David Duong. <\/p>\n

\"Bitcoin,<\/picture><\/div>\n
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Public companies that buy and hold Bitcoin and Ether have largely stopped accumulating since the market tumbled earlier in October, a move signaling a recent lapse in confidence.<\/p>\n

Digital asset treasury (DAT) companies that buy Bitcoin (BTC<\/a>) \u201chave largely ghosted the post-Oct 10 drawdown and are yet to re-engage,\u201d Coinbase Institutional global head of investment research David Duong said<\/a> on Sunday.<\/p>\n

\u201cOver the last two weeks, BTC buying by DATs fell to near year-to-date lows and has not meaningfully recovered, even on green days,\u201d he added.<\/p>\n

The crypto buying slowdown signals the sector is cautious, as the values of many crypto treasury companies<\/a> have been sliding toward the value of their asset holdings, while their stock prices have cooled<\/a> from their massive rallies.<\/p>\n

Bitcoin fell 9% in the Oct. 10 to Oct. 11 period, dropping from around<\/a> $121,500 to lows below $110,500. It has fallen to lows of below $105,000 this month but has since recovered to $114,250, trading flat over the past 24 hours.<\/p>\n

BitMine is still buying<\/h2>\n

Duong said the buying lull from Bitcoin buying companies is significant as they are \u201cusually heavy hitters with deep pockets,\u201d but their pullback since Oct. 10 \u201csignals limited confidence on their part.\u201d<\/p>\n

Source: <\/em>David Duong<\/em><\/a>\u00a0<\/figcaption><\/figure>\n

The buying slowdown \u201chighlights some caution from large players post leverage washout, even at current \u2018support\u2019 levels,\u201d he added.\u00a0<\/p>\n

Duong said that the Ether (ETH<\/a>) treasury company BitMine Immersion Technologies has been the \u201conly consistent buyer\u201d since the market dropped, with data<\/a> showing it spent over $1.9 billion<\/a> since Oct. 10 to buy nearly 483,000 ETH.<\/p>\n

Ether fell alongside Bitcoin earlier this month, dropping over 15% to a low of $3,686 between Oct. 10 and 11, but has since slightly recovered to $4,130.<\/p>\n

Related: <\/strong><\/em>Trump-linked American Bitcoin adds $163M in BTC, boosting treasury above $445M<\/strong><\/em><\/a>\u00a0<\/p>\n

BitMine\u2019s buying, alongside \u201csmaller contributions from other funds,\u201d has buoyed the total seven-day purchases by ETH treasury companies into the positive, Duong said.<\/p>\n

However, he added that if the company \u201cslows or pauses, we worry that the apparent corporate bid could fade.\u201d<\/p>\n

\u201cWe think this warrants more cautious positioning in the short term,\u201d Duong said. \u201cThe market appears more fragile when the biggest discretionary balance sheets are sidelined.\u201d<\/p>\n

Magazine: <\/strong><\/em>Sharplink exec shocked by level of BTC and ETH ETF hodling \u2014 Joseph Chalom<\/strong><\/em><\/a>\u00a0<\/p>\n