Public Companies Sold $869 Million of Bitcoin in One Week. Is a Bitcoin Price Crash Coming?
Corporate treasuries dumped nearly $869 million in Bitcoin in a single week, a move that spooked traders. But two companies drove most of it, and a bigger warning sign may be hiding elsewhere in the data.
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Between November 2 and 8, 2026, public companies sold a net total of 11,647 Bitcoin (CRYPTO: BTC), worth about $869 million. The figure comes from a weekly report by Lookonchain, a firm that tracks major crypto wallets, shared on X on November 9. Companies holding Bitcoin are usually seen as long-term investors, so this level of selling has raised concerns about a Bitcoin price crash.
As of November 9, Bitcoin trades at $75,034, down 3% over the past week and 14.3% for the year. It closed at a 30-day low of $74,740 on November 8, adding to the bearish signals. Hedgeye’s post on X stated, “Bitcoin = Bearish TREND,” while analyst Beth Kindig warned on November 6 that “one more large drop is coming over the next several months.”
So does the selling of $869 million in Bitcoin truly point to an impending crash, or is the number bigger than the money behind it?
The 11,647 Bitcoin Sold Are Minor Compared to the Market’s Size
The 11,647 figure is a net amount, the difference between what public companies sold and what they bought. Traders often read corporate selling as negative for prices, especially since these treasury companies position themselves as long-term holders. When they sell coins, they add to the supply of Bitcoin that was previously held off the market.
However, this amount of Bitcoin is small compared to the overall market. Public companies collectively hold about 1.3 million Bitcoin, which makes the 11,647 coins less than 1% of their total holdings and about 0.06% of all Bitcoin in circulation. An October 31 analysis also found that selling 5,833 coins equals roughly 0.7% of one day’s Bitcoin trading volume.
These figures also reflect only one side of each transaction, since the count tracks what companies report and the wallets tied to them. Most Bitcoin buying happens on exchange order books, where purchases don’t show up on the blockchain. So the buyers of these coins left no trace in the tally.
Two Companies Account for 8,935 of the 11,647 Bitcoin
Hut 8 (NASDAQ: HUT) sold 3,102 Bitcoin to fund a $250 million stock buyback. About 954 of those coins were sold in the third quarter, which ended in September, so part of this week’s number reflects earlier sales rather than new ones. Hut 8 didn’t say whether it sold on an exchange or through an over-the-counter desk, a dealer that matches large trades privately.
Next Technology Holding (NASDAQ: NXTT) contributed another big portion. On October 30, its board approved the sale or pledge of 5,833 Bitcoin, citing concerns about quantum computing and a Binance hack, and said it couldn’t guarantee any transaction. Combined, these two companies account for 8,935 of the 11,647 coins, and each company has its own reasons.
Meanwhile, buyers stayed active. Strategy Inc. (NASDAQ: MSTR | MSTR Price Prediction) added 1,036 Bitcoin that same week, while Strive (NASDAQ: ASST) bought 29 Bitcoin to reach a total of 43,153, according to 8-K filings dated November 9. Strive had already acquired 6,182 coins in October while Strategy paused its purchases.
Corporate Selling Has Not Crashed Bitcoin in 2026
Corporate sales haven’t crashed Bitcoin’s price this year. Strategy sold 3,588 coins between June 29 and July 5, around Bitcoin’s lowest close of the past year at $58,566 on June 30. Bitcoin then rebounded to $86,597 by September 21. Similarly, Riot Platforms (NASDAQ: RIOT) sold 79% of its Bitcoin during that third quarter, yet Bitcoin climbed from its June low.
Miner sales in October did coincide with a price drop, but companies weren’t the only ones selling. Bitcoin fell 11.1% from $84,082 on October 21 to its November 8 low, and spot Bitcoin ETFs posted their biggest single-day outflow since June in that stretch.
Spot Bitcoin ETFs Sold More Bitcoin Than Public Companies
In fact, U.S. spot Bitcoin ETFs, funds that hold Bitcoin for stock-market investors, saw net outflows of $1.28 billion between November 2 and 6. That amount equals roughly 17,000 Bitcoin, more than public companies sold in that time.
The cash available to buy crypto has also shrunk. The total market value of stablecoins, crypto tokens pegged to the dollar, dropped by $4.7 billion over the same week, leaving less money to absorb selling. Spot trading volume on decentralized exchanges fell 8.4%, while trading in perpetual futures, contracts that follow Bitcoin’s price with no expiration date, rose 8.6%. That shift suggests traders are leaning toward speculation over buying coins outright.
Bitcoin remains under pressure, trading 5.3% below its 20-day moving average of $79,005 and 8.2% below its 50-day average of $81,760. However, it holds 2.5% above its 200-day average of $73,177. For a recovery, ETF flows may need to turn back to inflows, and stablecoin supply needs to grow to give buyers fresh capital.
Is a Bitcoin Price Crash Looming?
The $869 million of corporate selling doesn’t point to a crash on its own. Two companies with their own motives accounted for most of it, while Strategy and Strive kept accumulating Bitcoin. The bigger concern is the ETF outflows and shrinking stablecoin supply, which could still push Bitcoin lower in the coming weeks.
If spot Bitcoin ETFs post another week of outflows of $1.28 billion or more, the selling runs broader than treasury companies, and Kindig’s large drop looks more likely. A close below the 200-day average of $73,177 could send Bitcoin back toward its June low of $58,566, 22% below its price. But if ETF flows turn positive and Bitcoin holds that average, the corporate selling looks like noise, and a Bitcoin price crash looks unlikely.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
