Bitcoin (BTC) is facing a major surge in demand from companies in Q1 2026, with Strategy& (MSTR) adding over 45,000 BTC to its balance sheet while corporate activity remains sluggish. Treasury concentration has reached extreme levels and continues to increase, as strategic holdings are growing while other companies are lagging.
Meanwhile, Bitcoin remains largely in a bearish trend, having fallen nearly 48% from its record high of $126,999. The crypto king is trading just above $66,000 at the time of writing on Friday due to risk-off sentiment and volatility due to the United States (US) and Israel’s war with Iran.
Corporate Bitcoin purchases collapse due to strategy
The strategy of accumulating Bitcoin on its balance sheet has not slowed down despite the price correction, which hit a yearly low of $60,000 in February. Major corporate holders of Bitcoin have purchased more than 45,000 CTC in the last 30 days. According to CryptoQuant, this is the highest 30-day buying volume since April 2025. The strategy’s holdings are 762,099 BTC, valued at $51.68 billion, at a cost basis of $75,694 per BTC.
Bitcoin purchases from all companies other than Strategy have been fairly low over the past 30 days, at around 1,000 BTC. This represents a 99% decline compared to the 66,000 BTC purchased in August last year and represents only 2% of Bitcoin Treasury purchases, down from 95% in October.
Is the Bitcoin Treasury heat over?
The number of Bitcoin purchases outside the strategy has also fallen by 76% over the past 30 days, to 13, compared to 54 in August. Aggregate fiscal activity increased in late April and peaked in August, as shown in the chart below. In contrast, the strategy’s purchasing activity remains relatively high, averaging between four to five purchases over a 30-day period.
As corporates stay away from Bitcoin, strategic appetite for the largest cryptocurrency by market capitalization remains steady. This interest discrepancy has increased the strategy’s holdings to 90,000 BTC this year, while other companies have purchased a paltry 4,000 BTC. Strategy currently holds 76% of the total holdings, while the remaining 24% is spread across other companies.
Macroeconomic uncertainty, bearish market sentiment and the Iran war are having an impact on Bitcoin.
Bitcoin has been in a downtrend since hitting a record high of $126,199 in October, which has increased risk-off sentiment across the market. The October 10 selloff, macroeconomic uncertainty after the Federal Reserve (Fed) halted its monetary easing cycle, and geopolitical tensions are among the factors increasing risk-averse sentiment and limiting the rebound.
Bitcoin treasury companies are not immune to the broader headwinds, as the value of their 1.02 million BTC holdings dropped from nearly $108 billion in October to $72.34 billion on Friday.
Sentiment continues to decline due to the Iran war due to reduced risk appetite. Global risk assets remain on edge amid rising oil prices. Central banks around the world are preparing for lasting economic impacts, which are likely to increase inflation and curb growth.
Earlier this month, the Federal Reserve took a tough stance on cutting interest rates due to the Iran war. Investors are now pricing in a higher probability that rates will remain unchanged for a longer period of time in 2026, a significant change from earlier estimates of at least two rate cuts. Investors now consider there to be about a 96% chance that the central bank will leave rates unchanged at the end of April in a range of 3.50%-3.75%.
Technical outlook: Bitcoin selloff at risk of increasing
Bitcoin is hovering above $66,500 at the time of writing on Friday. Its near-term bias is mildly bearish as prices have fallen below the 50-day, 100-day and 200-day exponential moving averages, leaving BTC stuck in a broad corrective phase despite recent attempts at stabilization.
Momentum has softened, with the Moving Average Convergence Divergence (MACD) indicator slipping deeper into negative territory and its red histogram bars on the daily chart expanding, suggesting selling pressure remains. The Relative Strength Index (RSI) near 41 remains below the 50 midline on the same chart, suggesting a market where rallies face supply rather than triggering sustained breakouts.
Fresh impulsive feet high.
Bitcoin’s initial resistance is emerging at $68,820, which is in line with the daily high. A daily close above this barrier would open the way towards the psychological zone of $70,000, followed by the 50-day EMA at $71,824.
On the downside, immediate support aligns with the Supertrend indicator at $66,189, where a break would expose a late-range bottom near $65,000. Below this, bearish momentum could extend to the February low of $60,000.
Open Interest, Funding Rate FAQs
(The technical analysis for this story was written with the help of AI tools.)
