Glassnode
The 30-day simple moving average of total trading volume across Bitcoin treasury companies has fallen from $34.2 billion per day in December 2025 to $17.4 billion per day, a 49% decline in roughly six months, according to Glassnode data.
Why it matters
Speculative interest in Bitcoin treasury equities — listed vehicles that offer leveraged BTC exposure without direct spot ownership — has historically tracked the underlying asset's price closely. As BTC spot has pulled back from its late-2025 highs, appetite for these instruments has followed in near-lockstep, cutting daily activity roughly in half from peak levels. The data suggests the retail and institutional bid that drove the December surge was largely momentum-driven rather than structurally anchored.
Market impact
A sustained halving of daily volume in BTC treasury equities signals reduced speculative participation across the category. For investors tracking companies like Strategy (formerly MicroStrategy) and other listed treasury vehicles, the volume compression is a leading indicator of diminished near-term interest. A recovery in BTC spot price would likely be the primary catalyst to reverse the trend, but until then the data points to a quieter, less liquid trading environment for this segment.
Source: [Just a moment...](https://studio.glassnode.com/charts/treasuries.VolumeTotalCompanies?a=BTC&c=usd&chartStyle=line&mAvg=90&pScl=lin&s=1762560000&u=1781136000&zoom=)
Frequently asked questions
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What are BTC treasury companies and why does their trading volume matter?
BTC treasury companies are publicly listed vehicles that hold Bitcoin on their balance sheets, offering investors leveraged exposure to BTC price without direct spot ownership. Their trading volume is a proxy for speculative appetite in the category.
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What would need to happen for BTC treasury equity volume to recover?
A recovery in BTC spot price is identified as the primary catalyst. The data shows trading activity in this segment tracks spot price closely, so a sustained BTC rally would likely draw speculative interest back into listed treasury vehicles.
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How does the current volume compare to the December 2025 peak?
The 30-day SMA of daily trading volume has fallen from $34.2 billion in December 2025 to $17.4 billion, representing a 49% decline over roughly six months.
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