Crypto Treasuries Halt Aggressive Bitcoin and Ether Buys After October Market Crash

Following the sharp crypto market crash on October 10, 2025, institutional treasuries have significantly scaled back their purchases of Bitcoin (BTC) and Ether (ETH), with buying activity dropping to near year-to-date lows, according to David Duong, Head of Institutional Research at Coinbase.

The pullback began immediately after the crash, which erased billions in market value and triggered widespread caution. Key factors driving the slowdown include heightened market volatility, regulatory uncertainty globally, and macroeconomic pressures such as inflation and interest rate concerns, leading treasuries to prioritize liquidity and stability over accumulation.

Companies like BitMine and Strategy have shifted from aggressive buying to more reserved strategies. Thomas Lee of BitMine emphasized a cautious approach, stating, 'We’re essentially a liaison between how Wall Street views future upgrades to Ethereum,' while Strategy has moderated its BTC treasury growth. This reduced institutional momentum could challenge Bitcoin's ability to break resistance levels short-term, though a market recovery might reignite treasury investments.