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Corporate Bitcoin buying could become active again from late this year into next year if BTC prices rebound, Bitwise Head of Research Ryan Rasmussen said.
Rasmussen said corporate BTC purchases slowed broadly in the third quarter. Strategy’s net BTC holdings growth fell sharply to 1,666 in the third quarter from 83,901 in the second quarter, while net purchases by other listed companies dropped to 5,617 from 45,725 over the same period, Rasmussen said. He added that further buying could become possible if shares of BTC-holding companies regain their premium relative to the value of the BTC they hold.
Rasmussen also said other factors could drive a BTC price recovery even if a fresh wave of corporate BTC buying does not reappear by year-end. Corporate purchases are only one of several sources of BTC demand, not the only one, he said. Given that spot BTC ETFs saw $6.4 billion in net inflows in the third quarter this year, Rasmussen said spot ETF demand could support a BTC price recovery.