During the period from mid-November to mid-December 2025, treasury companies (DAT) actively increased their Bitcoin holdings. According to VanEck, the total amount of Bitcoin they acquired reached 42,000 BTC, marking the largest increase since the summer of 2025. As a result, the total reserves of DAT exceeded 1.09 million BTC. The largest contribution to these purchases came from Strategy, which added 29,400 BTC to its reserves.
This is reported by Business • Media
Different investor strategies: short-term and long-term trends
Against the backdrop of active accumulation by DAT companies, a contrasting trend is observed among investors in Bitcoin ETPs. The total amount of Bitcoin in ETP structures decreased to 1.3 million BTC in November-December, indicating a reduction in positions within this asset category.
Analysts also noted a significant divergence between different groups of Bitcoin holders. Those who held the asset for one to five years were exiting their positions en masse. Meanwhile, long-term holders, who have kept the cryptocurrency for over five years, left their balances virtually unchanged or even slightly increased their Bitcoin holdings.
“This may indicate stability in sentiment among the most committed Bitcoin bulls,” noted VanEck.
Hashrate, market dynamics, and analyst forecasts
In addition to changes in ownership structure, experts also noted a 4% decrease in Bitcoin hashrate over the past 30 days. Historically, this is viewed as a bullish signal. According to analysts, in 77% of cases where the 90-day hashrate metric was negative, Bitcoin showed positive returns over the following 180 days, with an average increase of over 70%.
Previously, experts predicted that the exclusion of DATs from MSCI indices could lead to a significant sell-off of digital assets amounting to up to $15 billion.