Bitcoin held by treasury companies crossed $100 billion for the first time since early June, reaching $109 billion on August 28. Metaplanet has now moved two batches of Bitcoin to exchange wallets without confirming a sale, raising questions about whether treasury firms could start trimming exposure just as Bitcoin's own price structure shows mixed signals.
Bitcoin treasury companies' combined holdings reached $109 billion on August 28, crossing the $100 billion mark for the first time since early June. The milestone reflects Bitcoin's recent recovery. However, fresh exchange transfers from Metaplanet have raised questions about whether some treasury companies could reduce their exposure.
Is Metaplanet preparing to sell Bitcoin?
AMBCrypto had previously reported that Metaplanet moved 3,881 BTC worth $247 million, yet its recorded holdings remained unchanged, suggesting that transfer had not resulted in a confirmed sale. A similar pattern emerged after Lookonchain reported another exchange deposit: according to the on-chain tracker, Metaplanet transferred 3,000 BTC worth $237 million into Coinbase Prime. Like the previous transfer, the Bitcoin had yet to be sold.
The activity could reflect internal reorganization or preparations for a potential sale, though its purpose remains unconfirmed. Bitcoin Treasuries data showed that Metaplanet still held 43,000 BTC worth $3.3 billion. A confirmed sale could increase market pressure, but until then, the transfer's direct market impact remains neutral.
Can BTC bulls absorb the recent pressure?
Despite the concerns around Metaplanet, broader exchange-side pressure has remained limited. Bitcoin's Exchange Supply Ratio fell to a monthly low of 0.134 over ten days, indicating that a smaller proportion of its supply remains available on exchanges. Reduced exchange supply has historically supported stronger price moves by limiting readily available selling liquidity.
Meanwhile, Bitcoin fell from $81,000, lost $80,000, and reached $77,000. Even so, broader momentum has remained bullish: the Aroon Up stood at 92%, while the Aroon Down remained considerably lower at 7%, a setup indicating that Bitcoin has recently formed highs more frequently than lows.
The ALMA, however, reflects short-term weakness. Bitcoin traded below the ALMA at $78,647, suggesting that immediate downside pressure has strengthened. Confirmed selling from Metaplanet could deepen that pressure and expose Bitcoin to a possible decline toward $73,000. By contrast, renewed buying could shorten the pullback and help Bitcoin reclaim $80,000.
Source: AMBCrypto
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