CryptoQuant reports falling token prices have eroded buffers at crypto-focused treasuries, prompting defensive balance-sheet moves. Bitcoin-heavy firms are worst hit: BTC is down over 16% this month and MicroStrategy has sharply slowed BTC purchases as MSTR shares plunged ~53% from their ATH. Tokyo-listed Metaplanet holds 30,823 BTC at an average cost of $106,000, leaving ~ $120M in unrealized losses and triggering a share buyback after its stock fell >80% from its peak. Altcoin treasuries show stress too: Evernorth’s 388.7M XRP are about $79M underwater, and BitMine’s 3.4M ETH position faces an estimated ~$2.1B unrealized deficit after Ethereum slid >22%.

Summary states token price declines have eroded treasury buffers and forced defensive balance-sheet moves. Concrete data: BTC down >16% this month; MicroStrategy slowed BTC purchases after MSTR fell ~53% from its high; Metaplanet holds 30,823 BTC at $106k average cost with roughly $120M unrealized loss and a share buyback after its stock dropped >80%; Evernorth’s 388.7M XRP are ~$79M underwater; BitMine’s 3.4M ETH position shows an estimated ~$2.1B unrealized deficit after ETH fell >22%.