Bitcoin Treasury Selling Hits Rare Level Ahead of MicroStrategy’s MSCI Test
Public companies are selling Bitcoin at a rate seen only three times before, with the Bitcoin Treasuries Buy-Sell Ratio dropping to 89.58%.
Public companies are selling Bitcoin at a rate seen only three times before. Each previous episode was followed by a major BTC rally. However, investors who bought immediately faced further losses before prices recovered.
The Bitcoin Treasuries Buy-Sell Ratio, which measures corporate buying against selling, has dropped to 89.58%. Charles Edwards, founder of Capriole Investments and BeInCrypto Expert Council member, flagged the reading on X.
Bitcoin treasury companies in capitulation. Yes this is a good thing historically. The ratio of cumulative buys to sells just dropped below 90%. This has only happened 3 other times, all were dillectible opportunities.
Historical Patterns
The ratio previously fell below 90% in December 2019, June 2022, and September 2024. Bitcoin subsequently gained between 2.1 and 9.6 times its value, according to BeInCrypto's historical review.
However, Bitcoin initially dropped another 11% to 46% after those signals appeared. The indicator has historically identified periods of heavy selling, rather than the exact market bottom.
Corporate Selling Activity
According to Lookonchain, 14 public companies have sold or transferred an estimated 108,247 BTC, worth $8.08 billion, in 2026. Bitcoin miners account for most of the activity.
MARA leads with 40,581 BTC sold, including 13,597 BTC used to repay Bitcoin-backed loans. Some of the tracker's figures include estimated outflows and trading-related deliveries, rather than confirmed spot sales.
MSCI Decision Impact
The selling comes ahead of a potentially significant decision for MicroStrategy shareholders. MSCI will announce its index removals shortly after 11 p.m. CET on November 11.
New eligibility rules could exclude MicroStrategy and Metaplanet from major stock indexes. MicroStrategy estimates MSCI-tracking funds own approximately $1.6 billion of its shares. JPMorgan previously projected potential outflows of $2.8 billion.
Exclusion would force affected index funds to sell MSTR shares, potentially weakening MicroStrategy's ability to raise money for further Bitcoin purchases. The company would not be required to sell its Bitcoin, as any index changes take effect after November 30.
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