Around 80% of companies holding Bitcoin as a treasury asset are now in unrealized losses, according to Capriole founder Charles Edwards. He said the average treasury cost basis is near $90,000, while the weighted average sits around $81,000. With BTC trading below both levels, institutional holders and ETF buyers are also in the red, even as buying picked up on his latest post day. The last time that buying surged this hard, Bitcoin was near $90,000, Edwards said, calling it a sign worth watching.
