Holding Bitcoin as a treasury reserve is quickly becoming the new corporate norm, with companies following the template laid down by Michael Saylor’s Strategy. From ETFs to publicly listed miners, entities across the board are allocating a portion of their balance sheets to Bitcoin. Canaan Inc. (NASDAQ: CAN) joined the bandwagon, announcing plans to adopt a cryptocurrency holding policy.
The trend continues even as Bitcoin price trades sideways, consolidating in a fairly tight range of $116,000 to $120,000 since July 13. The market seems to have absorbed the treasury hype, and participants are now waiting for other tangible cues before committing.
Canaan Adds Bitcoin to Treasury, But Flows Paint a Contradictory Picture
Canaan Inc., a Chinese crypto mining rig maker listed on Nasdaq, has adopted a formal cryptocurrency holding policy that places Bitcoin at the center of its long-term treasury strategy.
According to its July 30 statement, Canaan now holds 1,484 BTC—worth over $170 million at current prices—acquired through a mix of mining rewards and equipment sales. The company’s CEO, Nangeng Zhang, called this a natural alignment with its “deep roots in the Bitcoin ecosystem.”
The policy allows for holding other digital assets, such as ETH or stablecoins, but only for a short period and typically for operational purposes.
Canaan’s move coincides with a broader uptick in institutional Bitcoin holdings. Data from BitcoinTreasuries.net shows that 284 entities currently hold Bitcoin on their balance sheets, up by 23 over the past 30 days. Public companies now account for 160 of those entities, with ETFs and funds holding another 44.
The consistent rise reinforces Bitcoin’s growing role as a balance-sheet asset across corporate, government, and decentralized sectors.
However, this structural shift clashes with recent fund flows. CoinShares data shows that Bitcoin investment products saw net outflows of $175 million in the past week. This deviates from its recent string of inflows. Despite strong year-to-date inflows of over $20 billion, investor appetite has cooled—at least temporarily.
One possible explanation is that more entities are choosing direct custody over third-party ETF exposure. As companies like Canaan move coins off exchanges and into treasuries, traditional inflow metrics may temporarily lag, even as long-term conviction quietly strengthens.
Traders Eye Breakout as Accumulation Zone Tightens
Analysts are now interpreting the sideways price action that raised questions in ETF flows as a bullish consolidation.
Marcus Corvinus, a technical analyst on X, flagged Bitcoin’s range-bound structure between $117,000 and $120,000 as a signal of strength rather than stagnation. He noted that buyers have consistently stepped in on every dip, the price hasn’t broken down significantly, and it continues to hover just below resistance.
His view is that the market is in accumulation mode, not distribution—a thesis reinforced by the lack of volatility despite recent outflows.
Corvinus also argued that Bitcoin’s refusal to drop post-ATH is atypical and historically precedes a sharp leg up. This perspective supports the previous observation regarding institutions’ direct custody. While institutional flows into ETFs have slowed, entities like Canaan directly take Bitcoin into custody. This shift in on-chain storage and off-exchange accumulation could be muting ETF inflow metrics without reducing overall demand.
Another trader, Crypto Fella, posted a symmetrical triangle just below resistance, calling it the “final leg up.” The pattern he shared is a classic continuation setup that often resolves upward, especially when price holds near local highs.
Retail traders tracking this setup in India might find additional value in watching the Bitcoin price in INR today, especially as 1 Bitcoin to INR now floats near record territory. If the $120,000 ceiling breaks, upside targets toward $125,000 and beyond may quickly activate. This could potentially drag rupee-denominated valuations higher in parallel. For now, the price remains compressed, but sentiment is loaded.
