The corporate bitcoin bubble has burst: what this means for the market
The market has witnessed the completion of a classic speculative cycle — the wave of corporate bitcoin purchases has peaked and is now receding. An analysis of the buying dynamics of public companies, conducted by experts, clearly demonstrates that the activity chart exactly replicates the canonical bubble model of Jean-Paul Rodrigue.
The presented chart shows how, after years of near-zero activity, the corporate buying indicator began to rise steadily in 2024, followed by an explosive, almost vertical surge in the spring of 2025. This was followed by a sharp collapse, a weak rebound, and a sustained decline throughout 2026. This is a perfect match to the phases of the Rodrigue model: quiet insider accumulation, institutional involvement, mass euphoria at the peak, and then — fear, denial, and capitulation.
Key takeaway: the flow of corporate money that fueled the market in 2024-2025 is drying up. This means that one of the most important drivers of bitcoin's growth — demand from companies building reserves — will no longer exert the same pressure on the price.
Risk Concentration: Dominance of One Company
Particularly alarming is the extreme degree of market concentration. The lion's share of all corporate bitcoin reserves belongs to a single company — Strategy (formerly MicroStrategy). It holds 846,842 BTC, which accounts for more than 4% of the total supply. For comparison: all other companies in the top 10 combined (Marathon Digital, Twenty One Capital, Metaplanet, Bullish, and others) hold significantly smaller amounts.
Thus, the so-called "corporate buying bubble" is essentially a bubble of imitation. Small and medium-sized companies blindly copy the leader's strategy, but their combined weight is incomparable to Strategy's position. Even if the trend of corporate reserves fades, it is unlikely to critically impact the main player.
Notably, bitcoin itself does not fit the pattern of a burst bubble. Its price holds around $64,000, while the corporate buying indicator has collapsed from its peak. The key nuance: the speculative superstructure around the reserve model is deflating, not the underlying asset. The bubble was the trend of buying bitcoin for corporate treasuries, not bitcoin itself.
Expert opinion: Investors should differentiate between types of holders. Companies like Strategy are making a pure bet on growth, while Coinbase, Tether, or Xapo hold bitcoin as part of their operations — as operational or client reserves. The decline in speculative demand from "imitators" should not be perceived as a collapse of bitcoin's fundamental foundations. It is rather a natural correction after a period of excessive enthusiasm, which could heal the market by weeding out weak hands.