Bitcoin companies have regained profits from their holdings, but the most important buying orders have not returned yet! The latest data from Glassnode reveals a very noteworthy phenomenon. The overall holding cost of Bitcoin Treasury Companies, which currently hold Bitcoin, is approximately $80000! Since September 18th, the price of Bitcoin has re entered this cost line. What does this represent? The BTC holdings of these companies have returned to the profit margin on paper as a whole! But what really surprised me was Even if the position returns to profitability, the company's new buying power has not significantly recovered! From the chart, it can be seen that: In 2024-2025, companies will buy a large amount of Bitcoin. During the same period, BTC prices continued to rise. But after entering 2026, the net purchase scale of enterprises will significantly shrink. The price has rebounded, but buying has not synchronized back. This is a signal that cannot be ignored. Why do I value corporate buying so much? Because Bitcoin treasury companies like Strategy may form a very powerful positive cycle: Enterprises buy BTC → Bitcoin rises → Enterprise position value increases → Stock price and financing ability improve → Raise more funds → Continue to buy BTC. This is called a positive feedback loop. But the problem arises If companies stop actively buying, can this cycle continue to operate? It is worth noting that whether a company can continue to increase its holdings depends not only on whether BTC is profitable. It also depends on stock valuation, financing costs, capital market demand, and the financial structure of the enterprise itself. Therefore, regaining profits from holdings does not necessarily mean that companies will resume large-scale buying. I think the most important observation focus next is: Can the net purchase volume of enterprise treasury expand again after Bitcoin regains its foothold on the enterprise cost line? If corporate buying resumes, coupled with the inflow of ETF funds and improved spot demand, it may become an important driving force for the next wave of market trends. But if prices continue to rebound, companies still haven't actively increased their holdings That means this wave of increase may need to rely on other sources of funding to continue. What is truly worth paying attention to now is not whether companies are making money, but whether they are willing to continue buying! Do you think the buying of enterprise Bitcoin treasury will once again become an important driving force for the next bull market? Responsible for analyzing with position.