Key Takeaways
How much Bitcoin did treasuries accumulate in November?
Digital Asset Treasuries added a net 18,700 BTC in November despite a 15.62% price decline,
How far did Bitcoin fall this month?
BTC dropped 15.62% from $103K to lows around $86K since mid-November, marking one of the steepest multi-day pullbacks in recent months.
Bitcoin’s largest long-term holders continued to accumulate aggressively this month despite a sharp market correction.
Digital Asset Treasuries added a net 18,700 BTC in November, new data from Sentora showed.
Source: Sentora
The buying spree pushes total treasury-held Bitcoin to 1,860,977 BTC—nearly 9% of Bitcoin’s circulating supply now locked away in corporate, institutional, and government balance sheets.
Accumulation accelerates as Bitcoin falls 15%
The accumulation comes during decisively bearish price action. Since mid-November, BTC has fallen 15.62%, dropping from the $103K zone to lows around $86K, according to TradingView data.
The decline formed one of Bitcoin’s steepest multi-day pullbacks in recent months, driven by rising macro uncertainty and higher volatility across risk assets.
Source: TradingView
Yet treasury buyers stepped in while retail sentiment weakened. November’s +18.7K BTC net flow ranks among the strongest monthly additions this year, continuing a broader trend of long-horizon wallets absorbing supply during downside pressure.
The six-month trend line in treasury flows shows a clear upward trajectory, indicating consistent accumulation through both rallies and corrections.
Strategy signals continued institutional conviction
Adding weight to the trend, Strategy revealed it raised $21 billion year-to-date in 2025 across seven different securities.
The capital structure includes $11.9 billion in common equity, $6.9 billion in preferred equity, and $2.0 billion in convertible debt.
Michael Saylor emphasized during the decline that Strategy would continue accumulating, reinforcing expectations that the company would maintain its position as the world’s largest corporate BTC holder.
Supply squeeze narrative strengthens
With nearly 1.86 million BTC now effectively removed from active circulation, November’s accumulation further tightens market supply at a time when new issuance remains historically low.
While short-term price pressure persists, and BTC trades around the mid-$80K region, institutional behavior suggests sustained confidence.
Treasury flows suggest that long-term buyers view the recent correction as an opportunity rather than a risk.