Bitcoin Treasury Sell-Off Could Signal Deeper Capitulation Coming: Analyst
Analyst Nic Puckrin suggests Nakamoto's BTC sale at a loss may indicate wider capitulation among crypto treasury companies and potential contagion.Summary
Market analyst Nic Puckrin warns that Nakamoto (NAKA), a Bitcoin treasury company, selling its BTC at a loss could signal a broader capitulation within the crypto treasury market and the beginning of a “contagion” leading to forced selling. Puckrin believes the ongoing conflict in the Middle East will further pressure Bitcoin’s price and DATs, creating a reinforcing cycle. Nakamoto sold 284 BTC in March for $20 million and reduced its Metaplanet stake, both at a loss. The company reported a $166.1 million loss on its digital asset holdings in Q4 2025. This follows a collapse in net asset value premiums for the crypto treasury sector in Q3 2025 and a subsequent market crash. Bitcoin mining company MARA also sold over $1 billion worth of BTC in March to manage debt, though they claim this is a tactical, not strategic, move.
(Source：Cointelegraph)