#Crypto Market Rebound#

Just recently, institutional players were purchasing up to 600% of the daily Bitcoin supply, but today this figure has dropped to 400% — the lowest level since March. Although 400% is still a very high level, the decrease in purchasing pace indicates a cooling of interest.
The number of companies making purchases of bitcoin daily is declining. It is still unclear whether this is just a local correction or the first signs of market saturation. At the same time, among the companies that have recently made transactions with bitcoin, 93% are buying more than they are selling. This can be seen as a positive signal.
The greatest concern is the increase in the share of companies with an mNAV of (market net asset value) below 1, which has reached a record 27%. This means that the market capitalization of these companies has become less than the value of their bitcoin assets. Such a situation makes issuing new shares to buy BTC unprofitable, diluting capital. Moreover, during a prolonged decline in mNAV, companies may have an incentive to sell bitcoin instead of buying it to repurchase their own shares.
The market is showing alarming signals, the main one being the increase in the share of companies with mNAV < 1. This change in metric threatens not only individual companies but also the entire sector of corporate bitcoin holders.
On one hand, the aggregate purchasing activity remains high — companies are still acquiring volumes that exceed the daily supply by several times. On the other hand, local metrics such as MDC and mNAV indicate that the risks of Bitcoin sales by corporations are increasing.
For now, we can only speak of a local correction, but if the trend continues, the market risks facing additional selling pressure that will intensify any decline in the price of Bitcoin.