Journalist
Posted:
Bitcoin entered 2026 under clear pressure. Institutional balance sheets grew, but price momentum faded.
By February 2026, Bitcoin had already fallen more than 20% this quarter. That put the first quarter on track to be the weakest start to a year in eight years.
Even as companies bought steadily, BTC remained stuck near $68,000 and simply couldn’t go higher. That tension determined the mood on the market. Buying was strong, but conviction in price action was not.
Capital B expands to 2,834 BTC
On February 16, Capital B confirmed a capital increase of €0.4 million via a press release. It issued 601,000 shares for €0.67 and acquired six BTC for €0.3 million.
Total holdings increased to 2,834 BTC at an average cost of €93,083 per coin. The company reported a return on BTC of 0.2% YTD, in addition to 5.3 BTC in Bitcoin [BTC] profit and €0.3 million in BTC € profit.
Source:
However, this was not a response to price weakness. It was the implementation of a strategy launched in November 2024. The focus remained on increasing bitcoin per fully diluted share.
Therefore, short-term volatility did not change the plan.
Raised 1 million BTC in 18 months
Corporate bonds have accumulated over 1 million BTC in the past 18 months. That level of demand was structural and not speculative.
Source: Bitcoin Treasuries Net
Still, the price remained heavy. Bitcoin failed to respond decisively to the shrinking available supply. As a result, frustration built up throughout the market.
The contrast was sharp. Business conviction strengthened, but momentum weakened. Something was missing.
Worst first quarter in eight years with rising support
At the time of writing, the first quarter showed Bitcoin down more than 20%. That put the quarter on track to be the weakest first quarter since 2018.
Source: CoinGlass
However, Bitcoin was trading near rising support on the monthly time frame. That level was maintained during previous cycle corrections. Therefore, a jump there could mark the bottom of the cycle.
Source: TradingView
Still, hitting rock bottom takes patience. It also requires liquidity support, macro stability and a return to risk appetite in the markets. If these factors are not aligned, support alone would not hold.
The market is at a decisive moment.
Final summary
- Corporate bonds added to their positions even as BTC prices struggled.
- A rebound in monthly support could set the bottom, but macro conditions would be the deciding factor.