Institutional demand for Bitcoin has sharply cooled off following October’s volatility, raising questions about treasury strategy shifts.
According to new data shared by Coinbase’s David Duong, crypto treasury companies have “ghosted” the market since the October 10 crash, with Bitcoin purchases dropping to near year-to-date lows. Data from Blockworks and Coinbase shows a steep decline in BTC buying activity, following months of steady institutional accumulation seen throughout Q2 and early Q3.
🚨 NEW: Crypto treasury companies have "ghosted" since the Oct. 10 crash, with $BTC buying falling to near year-to-date lows, per Coinbase's David Duong.
What's behind the sudden pullback? pic.twitter.com/xaTnwv86jG
— Cointelegraph (@Cointelegraph) October 28, 2025
The chart indicates that while treasury inflows peaked above $8 billion in mid-August, they have since dwindled to nearly $1 billion, a level not seen since early spring. The retreat comes as firms exercise caution amid rising geopolitical tensions, U.S. fiscal uncertainty, and anticipation of upcoming FOMC decisions that could reshape liquidity conditions.
Analysts suggest that part of the slowdown stems from macro hedging fatigue and portfolio rebalancing after Bitcoin’s long consolidation above $110,000. Meanwhile, Ethereum and Solana allocations have remained relatively stable, signaling that some institutions may be rotating within crypto rather than exiting entirely.
Still, the pullback underscores a broader trend: corporate treasuries are treading carefully until post-FOMC clarity emerges and the market confirms whether the recent drop was a temporary shakeout or the start of a deeper structural adjustment.
If history is any guide, previous dips in corporate Bitcoin accumulation have often preceded major re-entry phases, particularly when on-chain reserves decline , a pattern some analysts believe could reappear as institutional buyers wait for volatility to settle.
