Analysis: Short-term pressure on BTC triggered the first three-week consecutive sell-off by Bitcoin Treasury companies, and ETFs have recorded net outflows for five consecutive weeks.

PANews reported on February 23 that, according to Cointelegraph, data from Capriole Investments shows that corporate treasuries holding Bitcoin have been reducing their holdings for three consecutive weeks. Coin Bureau co-founder Nic Puckrin stated that if corporate selling continues, the price of Bitcoin could fall towards bear market lows. Among specific holders:

1. Bitdeer has sold 943 of its Bitcoin holdings, reducing its treasury balance to zero.

2. Cango Inc., a publicly traded company ranked 27th, reduced its Bitcoin holdings by more than 54% in the past two weeks, from 8,095 to 3,644, worth $246 million.

3. Exodus Movement's Bitcoin holdings decreased from 1,704 to 1,694, worth $114 million.

4. Genius Group, an AI education company, reduced its holdings from 180 to 84, worth $5.6 million.

In addition, the U.S. spot Bitcoin ETF has recorded net outflows for five consecutive weeks, with outflows totaling approximately $2.6 billion since 2026.