Bitcoin treasury activity has significantly slowed in 2025, with the number of new firms adding Bitcoin to their treasuries dropping from 22 in July to just 3 in November. This decline coincides with a 28% decrease in Bitcoin prices from their October peak. According to CryptoQuant, the reduction in network activity aligns with the downward price trend, with only nine new firms joining in Q4 compared to 53 in Q3. Despite the slowdown, Strategy remains the leader with 660,624 BTC in its treasury. Meanwhile, Bitmine has shifted focus to acquiring Ethereum. As Bitcoin faces adoption challenges, altcoins may gain increased attention from investors.