Corporate treasuries over market cap

Sizes how much of an asset's market value sits on the balance sheets of listed companies. Unlike the equity-world notion of a treasury, this is not the issuer's own cash pile — a digital asset has no issuer with a balance sheet — it is the holdings of unrelated public companies.

오해를 유발하는 부분

Only listed companies that disclose are counted, so the true figure is higher by an unknown amount. It also moves with price on both sides of the ratio, which makes changes in it hard to attribute to buying or selling without checking the unit count as well.

주식과의 비교, 그리고 그 한계

It resembles nothing in equity analysis. A company's treasury is its own asset; this is a measure of who else owns the thing, which is a register question, not a balance-sheet one.

높은 값 또는 낮은 값 해석

A higher share means more of the supply is held by entities whose own financing decisions could move it.