XWIN Japan2026-03-25

Strong Yet Fragile — The Hidden Truth Behind Bitcoin’s Market

According to CryptoQuant, Bitcoin treasury demand is becoming highly concentrated in a single player. Over the past 30 days, Strategy has accumulated around 45,000 BTC, marking its fastest pace in nearly a year. In contrast, purchases from other treasury companies have collapsed to roughly 1,000 BTC, down about 99% from peak levels. Incremental demand across the broader market has nearly disappeared. Equally important is the decline in participation. The number of purchases made by other companies has dropped significantly from peak levels, indicating that both capital deployment and market breadth are weakening. As a result, Strategy now holds approximately 76% of all BTC among treasury companies, reinforcing an increasingly concentrated market structure. On-chain data supports this trend. The Coinbase Premium has remained unstable, suggesting that US-led spot demand has not broadly recovered. This indicates that while a specific large player is supporting the market, overall demand lacks depth and distribution. This structure carries both advantages and risks. On the positive side, consistent buying from a large player can provide price support and reduce downside volatility. However, the downside is structural. A healthy market requires diversified demand across multiple participants. The current setup reflects concentration, not expansion. If Strategy slows or halts its purchases, the market could quickly face a demand vacuum. What appears strong on the surface may, in reality, be fragile beneath. In this phase, the key is not who is buying—but who has stopped buying.