[Institutional Bitcoin Holdings Shrink by 10% in Three Months, Corporate Treasury Model Under Pressure] Deep Tide TechFlow reports that on August 6, according to on-chain data from CryptoQuant, institutional BTC holdings—including trusts, ETFs, and closed-end funds—have dropped from 1.33 million three months ago to 1.2 million, a decrease of approximately 10%. Meanwhile, the corporate Bitcoin treasury model is also facing pressure. Analyst Novaque Research pointed out that the market value of several Bitcoin treasury companies has now fallen below the net asset value (NAV) of their BTC holdings. The previously strong positive feedback loop of "stock price premium → fundraising to buy BTC → reinforcing premium" has significantly weakened. Last week, Strategy, the largest publicly listed company in terms of holdings, sold 1,638 BTC.