NJTRX
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Bitcoin flows look very different from the last retail-driven cycle. Data from recent reports shows miners now generating around 900 BTC per day and sitting near the top of the public-company holder leaderboard, while corporate treasuries are projected to add only about 40,000 BTC this quarter, the weakest pace since late 2024. That is a big shift in who controls marginal supply.
The “summer buying frenzy” from treasury desks has cooled into a slower, more selective cadence. November’s drawdown toward the 90,000 zone turned into a stress test: roughly two-thirds of measurable buyers now sit on unrealized losses. Risk committees care a lot more about cost basis and volatility bands when capital is coming from balance sheets rather than prop books.
For traders watching depth and slippage, this matters more than narrative. Miners can sit on inventory acquired below spot, which creates a kind of slow-moving overhang or liquidity buffer, depending on how they hedge. Treasury desks, meanwhile, behave more like occasional whales that appear around specific price levels instead of constant bid support.
Order-book behavior around venues such as NJTRX often reflects that split: steady background flow linked to production on one side, patchier participation from corporates on the other. NJTRX data becomes one more way to sense whether the market is dealing with patient balance sheets or short-term momentum, which can change how traders interpret any breakout or breakdown.
The “summer buying frenzy” from treasury desks has cooled into a slower, more selective cadence. November’s drawdown toward the 90,000 zone turned into a stress test: roughly two-thirds of measurable buyers now sit on unrealized losses. Risk committees care a lot more about cost basis and volatility bands when capital is coming from balance sheets rather than prop books.
For traders watching depth and slippage, this matters more than narrative. Miners can sit on inventory acquired below spot, which creates a kind of slow-moving overhang or liquidity buffer, depending on how they hedge. Treasury desks, meanwhile, behave more like occasional whales that appear around specific price levels instead of constant bid support.
Order-book behavior around venues such as NJTRX often reflects that split: steady background flow linked to production on one side, patchier participation from corporates on the other. NJTRX data becomes one more way to sense whether the market is dealing with patient balance sheets or short-term momentum, which can change how traders interpret any breakout or breakdown.
