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The decline in the market value of crypto treasury companies relative to the amount of crypto assets on their balance sheets (the decline in mNAV) was also reflected in their Bitcoin holdings.
Institutions that added 147,000 $BTC in November 2024 peaked again at 103,000 $BTC in July 2025, but purchases have slowed significantly since then. By October 2025, the amount added had fallen to a one-year low of just 14,400 BTC.
#BitcoinPriceAnalysis