Firms Move Their Focus as Bitcoin’s Corporate Reserve Trend Eases

Key Points

1. Mike Novogratz observed that the trend of companies using Bitcoin as a treasury reserve has peaked, though existing companies will continue to grow in the market.

2. Galaxy Digital facilitated a large-scale sale of 80,000 Bitcoins for an undisclosed client, which was quickly absorbed by institutional buyers.

3. US spot Bitcoin ETFs experienced outflows worth $1.2 billion, ending a longstanding net inflow streak, though they still hold 6.1% of the total Bitcoin supply.

4. Bitcoin prices declined by around 3% over the past week, trading at approximately $113,937.

5. Novogratz highlighted the ongoing presence and long-term potential of crypto assets in corporate treasury strategies despite recent market shifts.