Bitcoin Treasuries Register Unprecedented Three‑Week Selling Streak as BTC Hovers Around $66,000
February 23, 2026 – CoinDesk
Corporate entities that hold Bitcoin on their balance sheets have entered a rare phase of sustained divestment, logging three consecutive weeks of net sales. The trend, highlighted by Capriole Investments’ “Bitcoin Treasuries Buy‑Sell Indicator,” marks the first time a multi‑week selling streak has been recorded among public‑company treasuries. The development comes as Bitcoin’s price steadied near the $66,000 level, leaving analysts wary of further downside pressure if fresh buying does not materialise.
What the Data Shows
- Three weeks of net disposals – The indicator, which aggregates buying and selling activity across all publicly listed firms that disclose Bitcoin holdings, moved into negative territory for three straight weeks, a pattern never seen before in its short history.
- Top‑20 holders stay put – The largest corporate wallets (the 20 biggest public holders) have not reported any new sales during the same period.
- Mid‑size and smaller treasuries are trimming – Companies such as China‑based Cango Inc., US‑based Exodus Movement, Singapore‑based Genius Group and mining outfit Bitdeer have reduced or entirely liquidated their positions. Cango cut its holdings by more than half within two weeks, while Bitdeer sold all 943 BTC it held, bringing its treasury balance to zero.
The net effect of these moves is a modest but noticeable contraction in the overall corporate Bitcoin supply, adding to the selling pressure that has already been evident in the broader market.
Market Context
Bitcoin has been trading in a tight range around $66,000 for the past several days, a level that sits just below the recent peak of $68,200 reached in early February. The price action is being shaped by a mix of on‑chain fundamentals and macroeconomic headlines:
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Policy uncertainty – The United States announced an increase in the global tariff rate from 10 % to 15 %, following a Supreme Court ruling that limited the president’s authority to impose emergency tariffs. Analysts note that such trade‑policy turbulence often triggers a “risk‑off” stance among investors, prompting a shift toward cash and government bonds.
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ETF outflows – Spot Bitcoin exchange‑traded funds in the United States have experienced five straight weeks of net withdrawals, with cumulative outflows of roughly $2.6 billion so far this year, according to data from Farside Investors. The continued capital flight from these products signals waning short‑term demand from retail and institutional investors alike.
- Speculative positioning – Nic Puckrin, co‑founder of Coin Bureau, warns that the ongoing corporate sell‑off, if compounded by a broader “contagion” effect, could push Bitcoin toward a new bear‑market trough. He adds, however, that a deeper correction might ultimately be “constructive,” clearing leveraged bets and allowing the market to reset its structure.
Analyst Takeaways
| Factor | Implication for Bitcoin |
|---|---|
| Corporate treasury sell‑off | Reinforces downward pressure; could trigger additional selling if sentiment deteriorates. |
| Absence of sales among top holders | Suggests that the largest players remain confident, providing a floor for price support. |
| Macro‑policy headwinds (tariffs, risk‑off sentiment) | Likely to dampen new inflows and keep demand subdued in the near term. |
| ETF outflows | Reflects reduced retail/institutional appetite and may limit price upside. |
| Potential “clean‑up” correction | May eliminate over‑leveraged positions, setting the stage for a more stable market structure later. |
Looking Ahead
The next few weeks will be crucial in determining whether the current selling streak is a short‑term adjustment or the precursor to a more prolonged bear market phase. Key indicators to watch include:
- Corporate treasury activity – A reversal to net buying would signal renewed confidence from balance‑sheet investors.
- Macro‑policy developments – Any de‑escalation in tariff disputes or clearer trade guidance could improve risk appetite.
- ETF inflows – A turnaround in fund flows would suggest that the market is drawing in fresh capital, potentially lifting price momentum.
For now, Bitcoin’s price stability near $66,000 appears fragile, balanced between lingering corporate sell‑offs and a backdrop of geopolitical and financial uncertainty. Market participants are advised to monitor both on‑chain data and macro signals closely as the crypto‑asset navigates this turbulent period.
The article is based on publicly available data from Capriole Investments, Bitcoin Treasuries, and market commentary from Coin Bureau and XS.com. Readers are encouraged to verify information independently.
Source: https://cointelegraph.com/news/bitcoin-treasury-selling-streak-btc-66-000?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
