#摩根士丹利增持千枚BTC Morgan Stanley adds on dips, buying nearly 1,000 BTC; after Bitcoin treasury firms “overweight at highs,” a new test looms

#摩根士丹利增持千枚BTC Morgan Stanley adds on dips, accumulating nearly 1,000 BTC; after “high-position” Bitcoin treasury holdings, a new test lies ahead

Recent developments in the crypto market have been coming fast. The latest moves from traditional financial institutions and Bitcoin treasury companies are again in the spotlight. On one side, a long-established investment bank continues to buy; on the other, the market value of holdings held by global Bitcoin reserve companies has fallen sharply, while the pace of adding has clearly slowed. In the future, will these “whales” remain firmly committed to holding, or will they choose to cut positions at lower levels? The market is entering a crucial observation period.

According to Arkham monitoring data, Morgan Stanley has once again shown determination to “buy on dips” over the past two weeks. Through its spot Bitcoin ETF (MSBT), it added nearly 1,000 BTC. As of now, Morgan Stanley’s total Bitcoin holdings have reached 5,761 BTC; based on the current price, the value is over $369 million. This move suggests that traditional financial institutions still maintain a relatively positive allocation posture during the market adjustment phase.

Meanwhile, Bitmine chairman Tom Lee spoke on X, expressing an optimistic outlook for the future of the crypto market. He believes that TradFi (traditional finance) and the cryptocurrency market “will eventually merge into one.” This view comes from his interaction with Fundstrat Capital’s distribution head, Carrie Presley. Carrie recalled that six years ago, during an interview, she had already told Tom Lee that she strongly favored ETH and blockchain technology. Tom Lee not only agreed with this view, but also reiterated his steadfast long-term bullish stance. This exchange also once again highlights that mainstream finance’s acceptance of crypto assets is deepening. However, another set of data reveals the complexity of the current market.

Analyst Darkfost pointed out that since October 2025, the total market value of holdings held by global Bitcoin treasury companies has fallen from $396 billion to $272 billion, erasing more than $953k. But it’s worth noting that the actual number of BTC held by these companies has increased from 953k to 1.14 million. The drop in market value is entirely due to the decline in Bitcoin’s price, not large-scale sell-offs. Between November 2024 and October 2025, these companies saw the most concentrated buying window, with their holdings tripling in less than a year. Their buy prices were mainly concentrated in the $75,000 to $125,000 range—right around Bitcoin’s historical peak. But after Bitcoin entered a clearly undervalued range this May, the pace of adding has slowed sharply, nearly stalling. This also raises an important question: since these treasury companies built large positions at high levels, will they choose to sell at current low levels? Recently, Strategy has already started selling Bitcoin. If more companies are forced to reduce positions during a weak market due to financial pressure, then the massive holdings of 1.14 million BTC could turn into a new source of selling pressure, adding extra downside risk to Bitcoin’s price.

Overall, the continued entry by traditional financial institutions injects confidence into the market. But the reality of high-level concentration by Bitcoin treasury companies, combined with the current slowdown in adding, keeps the market highly alert to future capital flows. The crypto market is in a transition stage toward deep integration with traditional finance; short-term volatility is hard to avoid, while the long-term trend will still depend on the actual actions of market participants and the recovery of sentiment.

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