CoinMeta data: Analyst Ryan Rasmussen indicates that in the third quarter, Bitwise's holdings increased by a net of 1,666 BTC, which is lower than the 83,900 increase in other listed companies in the second quarter and the 45,700 increase in the previous quarter. Bitfinex, the head of derivatives, Jag Kooner, believes that if the rise in Bitcoin drives a valuation premium for treasury companies, enterprises could purchase coins by issuing additional shares, but investors have higher requirements for financing discipline, making it difficult to recreate a wave of indiscriminate financing. In addition, there was a net inflow of $6.4 billion in spot Bitcoin ETF in the third quarter, while there was a net outflow of approximately $229 million in US spot Bitcoin ETF last week.