Public companies acquiring Bitcoin and Ether have notably ceased their purchases following a crash in early October. This trend was particularly outlined by David Duong, the Global Head of Investment Research at Coinbase, who noted the decreasing interest in acquiring digital assets post the October 10 downturn.

Duong stated, “Digital asset treasury (DAT) companies have largely ghosted the post-Oct 10 drawdown and are yet to re-engage.” This caution among major players highlights the wavering confidence within the crypto sphere, as many treasury companies face declining valuations.

Bitcoin prices saw a significant drop of 9% from around $121,500 to lows beneath $110,500 within the span of just two days.

BitMine’s Persistent Activity

Interestingly, despite the drop in acquisitions, BitMine Immersion Technologies has remained active in the market, purchasing nearly 483,000 ETH for over $1.9 billion since October 10. This continued purchasing trend stands out, as Duong emphasized the importance of such players in maintaining market stability. However, he cautioned that a halt in their buying activity might signal even more fragility in the market.

“We believe this warrants more cautious positioning in the short term,” Duong concluded.