Investing.com -- Demand for bitcoin as a corporate treasury asset has almost completely disappeared for all but Strategy, according to crypto data provider CryptoQuant.

Over the past 30 days, bitcoin accumulators excluding Strategy bought 1,000 BTC, while Strategy has purchased about 45,000 BTC, marking the company's highest 30-day purchase since April 2025. The share of purchases from bitcoin treasury companies outside Michael Saylor's Strategy has declined to 2%, from 95% in October, with purchases by bitcoin treasuries down 99% from their August 2025 high.

Strategy's own stock is trading more than 71% off its 52-week high, while bitcoin has tumbled 48% from its October peak.

Saylor, the co-founder and executive chairman of the company, downplayed the concentration risk, saying overall liquidity and decentralization limit the impact of any single holder.

"Bitcoins got $50 billion a day of liquidity, and we don't control the price of the liquidity, and we hold three and a half percent of the asset," Saylor told CNBC. "It's a very decentralized, very diffused asset. The market is much bigger than anybody in it and that's actually what makes it such a compelling capital asset."

Strategy holds about 65% of the bitcoin held by public companies, according to Bitcoin Treasuries.