Bitcoin Treasuries 'Ghosting' Market

Global Head of Investment Research, David Duong, has highlighted a concerning trend in Bitcoin treasuries, noting that digital asset treasury companies (DATs) have “largely ghosted” the market since early October, with purchases hitting year-to-date lows over the past two weeks. Despite this pullback, two firms have defied the slowdown, acquiring over $205 million in BTC, signaling selective optimism amid DeFi’s $150 billion+ TVL ecosystem.

DAT Slowdown Signals Caution

Duong observed that BTC DAT buying has evaporated post-drawdown, with Ethereum purchases narrowly concentrated in one entity, Bitmine. “This warrants more cautious positioning in the short term,” he stated, as sidelined large balance sheets expose market fragility. The shift follows a $19 billion leverage washout, with BTC recovering 3% to $114,496 and ETH to $4,115. Duong attributes the absence to a “player-versus-player” competitive phase, where scarcity premiums have faded, demanding strategic differentiation.

Two Firms Buck the Trend with $205M Buys

American Bitcoin added 1,414 BTC between September and October 24, boosting its reserve to 3,865 BTC. Executive Chairman Asher Genoot emphasized its mining integration: “By producing Bitcoin directly, we reduce our average cost per Bitcoin.” Strategy acquired 390 BTC for $43.4 million at $111,117 average, reaching 640,808 BTC with a $47.44 billion aggregate cost ($74,032 per BTC). Saylor calls Bitcoin “digital property” and the “ultimate treasury reserve asset.”

2025 Implications: $130K-$200K Consensus

Analysts forecast BTC at $130K-$200K by year-end. Changelly sees $123,849 in October; CoinDCX $131,500. VanEck targets $180K-$200K on ETF momentum. For investors, how to buy Bitcoin via compliant platforms ensures entry. How to sell Bitcoin and how to cash out Bitcoin offer liquidity. Sell Bitcoin for cash and convert Bitcoin to cash enable fiat conversions.

Trading Strategy: Selective Longs

Short-term: Long above $114,000 targeting $120,000, stops at $112,000 (2% risk). Swing: Accumulate dips, staking for 5% APY. Watch whale flows; below $112,000, exit.

In summary, Bitcoin DAT “ghosting” warning contrasts with $205M buys, hinting at selective resilience for Bitcoin’s 2025 surge.