According to @DecryptMedia, growth in treasury purchases of Bitcoin BTC and Ethereum ETH has slowed, raising questions about how reduced balance-sheet demand could affect market structure and pricing dynamics, source: @DecryptMedia post on X dated Sep 27, 2025. In capped-supply or low-issuance assets like Bitcoin, a decline in steady corporate buy programs lowers baseline spot demand, which microstructure literature associates with thinner order books and higher short-term volatility, source: Bitcoin whitepaper by Satoshi Nakamoto 2008 and Hasbrouck Empirical Market Microstructure 2007. For BTC, diminished treasury accumulation shifts near-term price support toward spot ETF net creations and derivatives basis, as spot Bitcoin ETFs approved in the United States in January 2024 have materially influenced marginal flow, source: U.S. SEC approval order for spot Bitcoin exchange-traded products dated January 10, 2024 and daily flow disclosures from iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Trust in 2024. For ETH, slower treasury buying heightens sensitivity to staking deposits, validator exits, and net issuance after EIP-1559, where fee burn and staking rewards drive supply dynamics, source: Ethereum.org documentation on EIP-1559 and Proof-of-Stake economics. Traders can gauge substitution effects by tracking on-chain treasury wallet activity, ETF creations and redemptions, and perpetual funding rates to assess whether other cohorts offset weaker treasury demand, source: Coin Metrics State of the Network reports and CME Group education on futures funding and basis.

According to Miles Deutscher, BTC is structurally weak and has been trading within a downtrending channel since early July. Source: Miles Deutscher (X, Aug 20, 2025). According to Miles Deutscher, the MicroStrategy treasury bid—which he identifies as the main driver of BTC’s last rally—has significantly decreased in size and frequency, creating a demand void. Source: Miles Deutscher (X, Aug 20, 2025).

According to Crypto Rover, the US Federal Reserve injected $43.6 billion into the bond market last week, including a single-day purchase of $8.8 billion in 30-year Treasuries (source: Crypto Rover on Twitter, May 18, 2025). This substantial liquidity injection signals the beginning of major money printing, which historically leads to increased inflation concerns and can drive capital flows into cryptocurrencies like Bitcoin as a hedge. Traders should monitor crypto price action closely for potential bullish momentum linked to monetary expansion and weakening dollar outlook.