Diminishing Supply Absorption from BTC Treasury Firms
BTC bounces amid tariff dividend chatter after revisiting the 5-digits. Exposure stays low and cautious in derivatives, while ETFs suffer the worst 30-day flow since March. Another major accumulator, BTCTCs, slows acquisitions amid compressing MNAVs.
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Bitcoin fell below $100,000 several times last week, hitting a low of $98,893 amid strong selling pressure. Despite this, it hasn’t closed below that level since May 7, bouncing from its 365-day moving average on Sunday to end the week with a 2% loss. Spot market activity spiked during the sell-off and stayed high, while derivatives sentiment remained subdued. ETFs saw continued outflows, and BTC accumulation by DATCOs dropped to its lowest since October 2024.The weekend rebound coincided with Trump’s proposal of a $2,000 “tariff dividend,” later reframed as possible tax cuts, likely aimed at rallying support for his tariffs. Meanwhile, the Supreme Court heard arguments challenging Trump’s tariff authority, with a ruling expected by mid-2026. The U.S. Senate also passed a bill to end the government shutdown, signaling a potential reopening by November 12–13, which could reintroduce volatility to financial markets as economic data releases resume.
