Bitcoin entered 2026 under clear pressure. Institutional balance sheets expanded, but price momentum faded.
By February 2026, Bitcoin was already down more than 20% for the quarter. That put Q1 on track to become its weakest start to a year in eight years.
Even with corporations steadily buying, BTC stalled near $68,000 and simply couldn’t push higher. That tension shaped the market mood. Buying was strong, but conviction in price action was not.
Capital B expands to 2,834 BTC
On the 16th of February, Capital B confirmed a €0.4 million capital raise via a press release. It issued 601,000 shares at €0.67 and acquired six BTC for €0.3 million.
Total holdings rose to 2,834 BTC at an average cost of €93,083 per coin. The firm reported 0.2% BTC yield YTD, alongside 5.3 BTC in Bitcoin [BTC] gain and €0.3 million in BTC € gain.
Source: X
However, this was not a reaction to price weakness. It was the execution of a strategy launched in November 2024. The focus remained on increasing bitcoin per fully diluted share.
Therefore, short-term volatility did not alter the plan.
1 mln BTC scooped up in 18 months
Corporate treasuries accumulated well over 1 million BTC over the past 18 months. That level of demand was structural, not speculative.
Source: Bitcoin Treasuries Net
Yet the price remained heavy. Bitcoin failed to respond decisively to shrinking available supply. As a result, frustration built across the market.
The contradiction was sharp. Corporate conviction strengthened, but momentum weakened. Something was missing.
Worst Q1 in eight years at ascending support
At the time of writing, Q1 showed Bitcoin down more than 20%. That placed the quarter on track to become the weakest first quarter since 2018.
Source: CoinGlass
However, Bitcoin was trading near ascending support on the monthly time frame. That level had held during prior cycle corrections. Therefore, a bounce there could mark the cycle bottom.
Source: TradingView
Still, bottoming demands patience. It also requires liquidity support, macro stability, and risk appetite returning to markets. Without those factors aligning, support alone might not hold.
The market stands at a decisive moment.
Final Summary
- Corporate treasuries expanded positions even as BTC’s price struggled.
- A bounce at monthly support could define the bottom, but macro conditions would be the deciding factor.