Key Takeaways
How Much Bitcoin Did Government Bonds Accumulate in November?
Digital Asset Treasuries added a net 18,700 BTC in November, despite a 15.62% price decline.
How Far Has Bitcoin Fallen This Month?
BTC fell 15.62% from $103,000 to a low around $86,000 since mid-November, marking one of the steepest multi-day declines in recent months.
Bitcoin’s largest long-term holders continued to accumulate aggressively this month despite a sharp market correction.
Digital Asset Treasuries added a net 18,700 BTC in November, new data shows Sentora showed.
Source: Sentora
The buying frenzy pushes the total number of Bitcoins in government bonds to 1,860,977 BTC – almost 9% of the circulating supply of Bitcoin now locked up in the balance sheets of companies, institutions and governments.
Accumulation accelerates as Bitcoin falls 15%
The accumulation occurs during decisive bearish price action. According to data from TradingView, BTC has fallen 15.62% since mid-November, from the $103,000 zone to lows around $86,000.
The decline marked one of Bitcoin’s steepest multi-day declines in recent months, driven by rising macro uncertainty and higher volatility in risk assets.
Source: TradingView
Still, government bond buyers stepped in as retail sentiment weakened. November’s net flow of +18.7K BTC is among the strongest monthly additions this year, continuing a broader trend of long-horizon wallets absorbing supply during downsides.
The six-month trend line in Treasury flows shows a clear upward trajectory, indicating consistent accumulation through both rallies and corrections.
Strategy shows sustained institutional conviction
Adding to the trend, Strategy revealed that it has raised $21 billion across seven different securities so far in 2025.
The capital structure includes $11.9 billion in common stock, $6.9 billion in preferred stock and $2.0 billion in convertible debt.
Michael Saylor emphasized that during the decline Strategy would continue to accumulate, reinforcing expectations that the company would maintain its position as the world’s largest corporate BTC holder.
The story about supply squeeze is getting stronger
With nearly 1.86 million BTC effectively removed from active circulation, November’s accumulation further tightens market supply at a time when new issuance remains historically low.
Although near-term price pressure continues and BTC is trading around the mid-$80,000 price, institutional behavior signals continued confidence.
Treasury flows show that long-term buyers are viewing the recent correction as an opportunity rather than a risk.