Bitcoin down 20% in three months as ETF flows turn negative and crypto treasury trade unwinds
December 27, 2025 • 1m 0s
Dominic Chu (Senior Markets Correspondent)
00:00.230
we're
going
to
start
with
mackenzie
sagalos
mac
how
strategy
is
going
on
the
defensive
that's
your
story
dom
Mackenzie Sigalos (Technology Reporter)
00:07.510
bitcoins
down
nearly
twenty
percent
over
the
past
three
months
with
the
structural
buyers
that
were
supposed
to
put
a
floor
under
it
stepping
back
spot
ETF
flows
have
been
net
negative
for
five
straight
days
and
strategy
the
biggest
corporate
holder
just
liquidated
three
Mackenzie Sigalos (Technology Reporter)
00:21.190
quarters
of
a
billion
dollars
in
shares
not
to
buy
bitcoin
but
to
build
a
cash
reserve
for
dividends
and
debt
payments
that
stock
it's
down
nearly
fifty
percent
this
year
and
now
trades
at
a
discount
to
the
bitcoin
on
its
books
the
next
catalyst
is
when
msci
decides
in
january
Mackenzie Sigalos (Technology Reporter)
00:37.070
whether
to
boot
strategy
from
its
indexes
JP
morgan
estimates
that
could
trigger
nearly
nine
billion
dollars
in
outflows
if
other
providers
follow
so
heading
into
the
new
year
we're
looking
at
thinner
liquidity
reliable
buyers
on
the
sidelines
and
smaller
traders
driving
the
Mackenzie Sigalos (Technology Reporter)
00:52.030
action
which
means
sharper
swings
in
both
directions
dom
all
Dominic Chu (Senior Markets Correspondent)
00:55.710
right
mac
with
the
update
that
on
strategy
and
the
bitcoin
trade
thank
you
very
much
for
that
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