Bitcoin exchange balances fell by 40,000 BTC this week, pushing total exchange holdings to their lowest level since mid-May. The drawdown lines up with fresh buy signals from Strategy and Strive executives and a Bitcoin/gold ratio gain, building a case for stronger Q4 demand.
According to CoinGlass, Bitcoin exchange balances have dropped by 40,000 BTC this week alone. That takes total exchange holdings to 2.46 million BTC, the lowest level since the mid-May cycle. Available supply is tightening just as corporate treasuries step up purchases, a combination that could squeeze liquid supply further heading into the final quarter of the year.
Corporate buy signals build around Strategy and Strive
Michael Saylor posted an Orange signal on X, pointing to a possible Bitcoin purchase. The post comes as Strategy stock (MSTR) extends last month's 30% rise with a 20% rally this month.
Strive CEO Matt Cole has also hinted at buying more Bitcoin. Strive's stock, ASST, has been climbing after a 118% rally last month followed by a 21% gain this month. A higher share price gives both companies more room to raise capital and potentially expand their Bitcoin treasuries, adding another channel of structural demand for the asset.
Bitcoin gains ground against gold
The timing of these corporate signals stands out against a bullish macro backdrop. The Bitcoin/gold ratio is up more than 13% this month, extending last month's 15% rally and taking its Q3 gain to around 37%, a shift toward Bitcoin over gold in relative momentum.
Companies tend to buy Bitcoin with a long-term view, and rising stock prices give them more room to raise capital and add to their holdings. If the macro setup stays bullish, increased corporate accumulation will likely mean less liquid supply on exchanges.
Source: AMBCrypto
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