Analysts see further selling from treasury corporations and US Bitcoin ETFs as a sign of a healthy flush in speculative leverage, but it could lead to a deeper pullback for BTC.
Corporate Bitcoin treasury businesses have been selling for three weeks in a row, which is unusual. Analysts warn this might make Bitcoin’s decline even worse if new demand doesn’t come in.
According to Coin Bureau, an educational portal, Capriole Investments’ Bitcoin Treasuries buy and sell indication shows that Bitcoin’s (BTC) $66,186 treasury businesses have sold for three weeks in a row. The statistic keeps track of how many public corporations that own Bitcoin on their balance sheets are buying and selling.
This is the first time in the short history of BTC treasury businesses that they have sold for three weeks in a row. Nic Puckrin, co-founder and chief market analyst at Coin Bureau, predicted that continued corporate selling might bring Bitcoin’s price down to a new “bear market low.”
Puckrin, on the other hand, suggested that a bigger drop may still be beneficial for the long term by getting rid of leveraged positions and speculative holders, which would help reset the market structure.
Source: Capriole Investments/Coin Bureau
Smaller treasury holders trim positions as major players hold steady
Bitcoin Treasuries says that the top 20 firms who own the most Bitcoin have not sold any recently. However, some smaller companies, such Cango Inc., Exodus Movement, and Genius Group, have been selling part of their BTC holdings.
A publicly traded corporation in China Over the past two weeks, Cango, the 27th largest holder, sold out more than 54% of its Bitcoin, going from 8,095 BTC on February 8 to 3,644 BTC worth $246 million on Monday.
Exodus Movement, a US-based company that manages and stores digital assets, is the 41st largest public holder. It cut its corporate holdings from 1,704 BTC on February 11 to 1,694 BTC, which is worth $114 million on Monday.
Genius Group, a Singapore-based company that teaches people about artificial intelligence and Bitcoin, also sold some of its Bitcoin. It went from 180 BTC on February 5 to 84 BTC for $5.6 million on Monday.
Macro uncertainty and ETF outflows add to demand headwinds
Analysts also said that macroeconomic uncertainty and sluggish fund flows would make it challenging for the economy to recover in the near future. On Saturday, US President Donald Trump said that the worldwide tariff rate would go up from 10% to 15% right away. This statement came after the Supreme Court ruled on Friday that he did not have the power to impose tariffs under the International Emergency Economic Powers Act (IEEPA).
Linh Tran, a senior market analyst at broking XS.com, said that worries over trade policy and tariff news have made global markets more unpredictable. This can make investors take a “risk-off” stance for a short time.When there is a lot of ambiguity about policies, Bitcoin generally goes into a short-term risk-off state because investors prefer cash and bonds to assets that are very volatile.
Tran stated that sluggish demand signs, such the fact that US spot Bitcoin exchange-traded funds (ETFs) are still losing money, are making the pressure worse.
According to Farside Investors, spot Bitcoin ETFs have lost money for five weeks in a row and are down nearly $2.6 billion so far in 2026.