Without considering Strategy focused on accumulating bitcoin, companies acquired a total of 14,800 BTC in August. This figure is significantly lower than the average level since the beginning of the year (24,000 BTC) and considerably lags behind the June peak of 66,000 BTC.

Michael Saylor's company purchased 3,700 BTC over the month — for comparison, in November 2024, its record purchases reached 134,000 BTC. Meanwhile, in August, the average transaction volume of Strategy decreased to 1,200 BTC, while other players in the segment dropped to 343 BTC, which is 86% less than January's peaks.

Despite the reduction in deal sizes, the total number of purchases in July increased to 53, and in August, companies maintained activity, completing 46 transactions.

"Smaller and more cautious purchases indicate that institutional demand is gradually weakening, despite the sustained volumes," note analysts at CryptoQuant.

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