Q1 Strategy: Increase by 89,599 BTC, why do corporate treasuries and BTC ETF funds conflict with each other?


In the first quarter of 2026, a clear "line of division" emerged in the Bitcoin market.
On one side — Strategy (former MicroStrategy) completed its second-largest historical accumulation, purchasing 89,599 BTC in the quarter, bringing its total held coins to 766,970 BTC;
on the other — spot Bitcoin ETFs in the U.S. recorded about $500 million in net outflows during the same period, and institutional buying enthusiasm noticeably declined.
Two categories of institutional capital in the same market and at the same time have taken completely opposite paths.
BTC1,62%
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