BTC treasury companies have less market impact than ETFs, says K33

K33 Research Analyst Vetle Lunde stated that despite the rise of bitcoin treasury companies, their market impact is weaker than that of Bitcoin ETFs, The Block reported. Lunde explained that treasury companies often use in-kind share swaps, which generate minimal demand for Bitcoin, unlike Bitcoin ETFs that show a strong correlation with price returns. While treasury initiatives continue to grow, their market influence has been diluted, leading to weaker correlations between treasury flows and Bitcoin prices.