According to new data from Strategy, the once aggressive Bitcoin accumulation has almost come to a halt CryptoQuant.
The company, Bitcoin’s largest corporate holder, has sharply reduced its purchases through 2025, raising questions about the sustainability of last year’s treasury accumulation boom.
CryptoQuant’s latest chart shows monthly Bitcoin purchases per strategy falling from a peak of 134.5K BTC in November 2024 to just 9.1K BTC in November 2025.
Source: CryptoQuant
Data from early December shows that only 135 BTC have been purchased to date, making this one of Strategy’s weakest buying months in years.
A dramatic change from the buying frenzy of 2024
The end of 2024 was marked by unprecedented corporate interest in Bitcoin.
Strategy’s purchase of 134,000 BTC in November 2024 marked the largest monthly acquisition in its history and helped fuel broader institutional narratives around digital assets.
But as 2025 progressed, Strategy consistently slowed its buying pace:
- December 2024: 59.7K BTC
- March 2025: 29.1K BTC
- July 2025: 31.5K BTC
- November 2025: 9.1K BTC
- December 2025 [so far]: 135 BTC
The reduction reflects a 93% decline from the 2024 peak, signaling a major policy change in the way the Strategy approaches government bond allocation.
Demand for Bitcoin Treasury is cooling in the broader market
Additional data from BitcoinTreasuries.net shows that this slowdown is not an isolated event.
While the number of entities holding Bitcoin rose to 357 – an increase of 4 in the past 30 days – the total amount of BTC held in government bonds fell by 1.16% over the same period.
Source: BitcoinTreasuries
Despite more entities entering the space, the total amount of BTC in government bonds fell to 4.00 million BTC, indicating that new entrants are not buying at the scale needed to offset the reduced accumulation of major players like Strategy.
Market Implications: Reduced Corporate Absorption of BTC
Corporate and government bond buyers were a key supporter of BTC’s supply dynamics in 2024. The strategy’s excessive buying contributed to scarcity narratives and strengthened long-term holder supply.
As these purchases shrink, the market loses a key source of sustained pressure on the buy side.
While ETFs and long-term holdings still dominate structural demand, the declining role of corporate bonds means less aggressive supply absorption.
Final thoughts
- The strategy’s sharp pullback signals the end of the surge in government bond accumulation in 2024, changing the dynamics of institutional demand for Bitcoin.
- With the total amount of BTC in government bonds trending downward, ETF flows and macro sentiment are now playing a greater role in supporting long-term market structure.