TL;DR
Institutional treasuries have logged their strongest streak of inflows in seven weeks, attracting over $2.6 billion despite persistent crypto market uncertainty. Data from DeFiLlama reveals that capital continues to flow into Bitcoin, Ethereum, and emerging assets, underscoring the resilience of institutional appetite for digital assets.
Between December 8 and 14, treasuries recorded $1.36 billion in net inflows. Bitcoin trusts absorbed $940 million, Ethereum attracted $423 million, and Bittensor saw $724,000. Solana products, however, registered a minor $2.55 million outflow. Preliminary figures for December 15 to 21 show momentum accelerating, with $980 million directed into Bitcoin and $313 million into Ethereum, reinforcing the trend of sustained institutional engagement.
Bitcoin treasury company Strategy made two significant acquisitions. On December 7, it purchased 10,624 BTC valued at $962.69 million, followed by 10,645 BTC worth $980.28 million on December 15. Combined, these transactions totaled nearly $2 billion. At Bitcoin’s current price of $87,170, Strategy’s holdings of 671,270 BTC are valued at approximately $58.26 billion, highlighting its dominant position in the market.
Despite aggressive accumulation, Strategy’s market net asset value (mNAV) has slipped to 0.91. An mNAV below one complicates efforts to raise fresh capital, reflecting broader caution in the crypto sector. Prediction market Myriad assigns only a 32% chance that Strategy’s mNAV will rise to 1.5 rather than fall to 0.85, signaling investor skepticism. To mitigate risks, Strategy launched a $1.44 billion cash reserve aimed at supporting dividends without liquidating Bitcoin holdings.
Jimmy Xue, Co-Founder of Axis, attributes the surge in Digital Asset inflows to the Federal Reserve’s December 10 rate cut, which injected liquidity and reduced leverage costs. He also pointed to the new FASB accounting standard (ASU 2023-08), enabling companies to report crypto price appreciation as net income. This regulatory shift marks a structural reversal, positioning digital assets as a permanent category of marketable securities within corporate balance sheets.
