Key Highlights
- Glassnode reports that the 30-day average trading volume of Bitcoin treasury stocks has declined from $34.2 billion in December 2025 to $17.4 billion, a 49% drop in six months.
- The decline suggests a reduction in investor enthusiasm and speculative activity surrounding publicly traded Bitcoin-holding companies.
- Trading volumes in BTC treasury stocks have historically moved closely in line with Bitcoin’s spot price performance.
Bitcoin (BTC) treasury companies, publicly listed firms holding substantial Bitcoin on their balance sheets, have seen a sharp decline in investor activity.
According to on-chain analytics platform Glassnode, the 30-day simple moving average (SMA) of total trading volume across these BTC treasury stocks has plummeted from a peak of $34.2 billion per day in December 2025 to just $17.4 billion today. This represents a 49% decline in roughly six months, signaling a pullback in speculative interest tied to Bitcoin’s price action.
What does the chart indicate
The accompanying Glassnode chart, which tracks the 90-day moving average of treasury companies’ total trading volume in USD alongside Bitcoin’s spot price, illustrates this correlation. The orange line representing trading volume closely tracks the black BTC price line, particularly during the rallies and subsequent corrections of 2024–2025.
Both metrics rose in tandem through late 2024 and into 2025, with volume peaking as Bitcoin approached all-time highs near $126,000 in October 2025. However, as BTC has retraced from those peaks, trading activity in the associated equities has halved from its zenith.
This synchronized movement highlights a key market dynamic: investor appetite for leveraged Bitcoin exposure through publicly traded Bitcoin treasury companies tends to rise and fall alongside the underlying asset’s price.
These companies, often referred to in market shorthand as DAT (Digital Asset Treasury) equities, serve as proxies for Bitcoin exposure without requiring direct ownership of cryptocurrency.
When Bitcoin rallies, retail and institutional traders flock to these stocks seeking amplified upside through equity leverage, options, and derivatives. Conversely, during drawdowns, risk aversion prompts a swift withdrawal.
Bitcoin posts modest gains over past 24 hours
At the time of this writing, Bitcoin is trading around $62,644, up approximately 0.6% in the last 24 hours amid $28B+ in daily trading volume, according to CoinMarketCap.
After reaching an all-time high near $126,000 in October 2025, BTC has experienced a sharp around 50% drawdown, consistent with historical post-peak corrections. The price has stabilized in the low-to-mid $60,000 range following recent lows around $59,000–$61,000.
The current market capitalization sits at $1.25 trillion. Overall sentiment reflects a cooldown phase in the post-halving cycle, with traders watching for renewed momentum or further downside risk.
Bitcoin price likely to influence any recovery
Market participants will closely watch whether trading volumes in treasury companies rebound with any price recovery.
The Glassnode data provides a snapshot of current sentiment. For now, the speculative heat that propelled these stocks to record activity levels has cooled considerably. With volume cut nearly in half, the market appears to be taking a breather after an intense period of enthusiasm.
Whether this proves to be a temporary slowdown or part of a longer-term trend will likely depend on Bitcoin’s price performance in the months ahead.
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