Corporate demand for Bitcoin (BTC) has thinned to a level recorded only three times before.

The Bitcoin Treasuries Buy-Sell Ratio, which measures public-company buying of Bitcoin against public-company selling, has fallen to 89.58%, its first drop below the 90% line since September 2024. The reading marks the fourth time on record that the gauge has slipped under that threshold, according to data reported by COINOTAG on November 11, 2026.

A value of 89.58% indicates that public-company purchases still exceed sales, but that disposals now amount to roughly 11% of new buying — a reduction in the pace of net corporate accumulation rather than a shift to net selling. Readings above 90% had been the prevailing condition since the last sub-90% print in September 2024.

Sub-90% readings are, by definition, intervals in which corporate selling runs at a double-digit percentage of corporate buying, and they have now appeared only four times in the gauge's recorded history. Because corporate balance sheets have developed into a publicly tracked block of Bitcoin holdings since 2020, the ratio serves as a reference point for whether that block is still adding to its positions — and at what net pace — making the 90% line a checkpoint in the corporate accumulation trend rather than a sell-side signal.

Corporate Bitcoin treasuries became a prominent feature of the market in August 2020, when MicroStrategy — since rebranded as Strategy — completed its first BTC purchase. In the years since, dozens of publicly listed companies, primarily in the United States and Asia, have allocated portions of their balance sheets to Bitcoin, with disclosed corporate holdings tracked on public dashboards that monitor both purchases and sales. The Buy-Sell Ratio distills this activity into a single gauge of how much corporate selling accompanies each unit of corporate buying.

The next signals will come from the same disclosures that feed the gauge: whether follow-on readings hold under 90% or move back above it, as they did throughout the period after the September 2024 print, and whether fresh purchases or sales by listed companies appear on the public dashboards. That earlier sub-90% episode was followed by more than two years of readings above the threshold — a precedent that frames how uncommon the current print is, though it does not determine what the current one will produce.

This content was first published on COINOTAG: https://en.coinotag.com/bitcoin-treasury-buy-sell-ratio-below-90-capitulation