PANews reported on September 26th that, according to Bloomberg, CryptoQuant data shows that Bitcoin purchases by listed digital asset treasuries plummeted from 64,000 in July to 12,600 in August, and have only purchased 15,500 so far in September. September's data represents a 76% drop from the frenzied buying in early summer. Over the past week, Bitcoin and Ethereum prices have both fallen by nearly 6%, indicating a period of concentrated market liquidation. Some digital asset treasury companies that raised funds through the "Private Investment Public Entity" (PIPE) model are experiencing share prices that are trading at discounts of up to 97% from their IPO prices.

According to public data, digital asset treasury companies have raised over $44 billion this year. These institutions were once positioned by the market as long-term value investors in the cryptocurrency ecosystem, with their core investment strategy focused on building demand for crypto assets through enterprise-level holdings. However, this demand support mechanism is facing challenges. It was previously reported that US regulators are investigating unusual trading in the shares of digital asset treasury companies.