If we compare Cost Basis to Current NAV, all major businesses are trading below the cost of the digital assets they have accumulated.

Unlike previous cycles, the amount of "underwater" capital held by listed companies has reached tens of billions of USD, but this BTC/ETH has not yet returned to the market.
The selling pressure is not coming from Treasury Companies, but mainly from other investor groups.
If these businesses continue to hold and even buy more when prices recover, the actual circulating supply could continue to shrink in the coming quarters.
Not everyone who is losing money will sell. That's the key point to watch in this cycle.