Bitcoin’s rally lost momentum in August, and slowing corporate accumulation may explain why.

Tracked treasury entities added 47,718 BTC last month ($5.2 billion), down from more than 100,000 BTC in July, according to the latest Bitcoin Treasuries Adoption Report. That brought total holdings across public companies, private firms, governments and ETFs to 3.68 million BTC, valued at $400 billion at month-end. The monthly increase of 1.2% was far weaker than July’s 4.6%.

This easing in BTC acquisitions by corporate entities could offer an explanation for BTC's rally to $123,000 not being sustained. Bitcoin hit an all-time high in mid August, but fell over 11.5% by the end of the month to sit below $109,000.

The slowdown came despite aggressive fundraising announcements. More than $15 billi

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