Today I saw a report from BitcoinTreasuries.net,
It feels like Bitcoin treasury companies have basically cooled down this year. The once exaggerated model is now almost completely defeated.
Out of 195 companies, only France's The Blockchain Group outperformed the S&P, while the others either have locked coins or their stock prices have collapsed, it's just terrible.
The Strategy had a premium of 7 times back then, but now it's directly at a discount of 16%.
Metaplanet dropped from 237% to 7%.
Nakamoto is even more outrageous, losing 98%.
Most companies can't even get their own purchased coins out of the water.
The problem is obvious: when stock prices were high, companies could issue shares to buy coins, creating buy pressure in the market, and stock prices could continue to be supported.
Now with the discount, issuing shares to buy coins would hurt shareholders, and no one dares to buy anymore. BTC dropped 25%, and institutional support has completely broken.
In November, only 28 companies are still buying, which is an 83% drop from the peak in July, this buying pressure has evaporated directly.
Friends in the crypto circle should pay attention: the days of relying on these treasuries to support the market are gone.
There are no longer people secretly fueling from behind, the market relies entirely on real buying and selling and supply-demand fluctuations.
The bubble has burst, but the market is also more real and more brutal. Those who maintain their mindset will be seen first, and the rest can only watch stock prices and coin prices torment each other.
