The market capitalization of public companies holding bitcoin in their treasuries has collapsed by more than $100 billion since October 2025. Analytics show that the total value of these assets has dropped from $396 billion to $272 billion, while the number of coins in their possession has, on the contrary, increased.
During this period, the number of bitcoins held by corporate treasuries rose from 953,000 to 1.14 million coins. The paradox is clear: there are more coins, but their total value has sharply declined, following the market's downward trend.
How accumulation slowed down
A key observation is the sharp slowdown in the pace of purchases. Since May, when bitcoin was estimated to be in a zone of "significant undervaluation," the accumulation process has virtually stopped. The bulk of the coins were bought between November 2024 and October 2025, when the price fluctuated in the range of $75,000 to $125,000. During this period, companies' BTC holdings tripled.
This dynamic paints a worrying picture. Companies actively built up positions near historical highs, but now, at lower prices, purchases have virtually ceased. This suggests that institutional investors may have lost confidence in further growth or exhausted liquidity for new acquisitions.
What this means for the market
The main question is the future behavior of these holders. Since they "bought the top," there is a real risk that some of them will start "selling the bottom." The first sign of this came from Strategy, which, according to our data, has already begun to sell off some of its bitcoins. This heightens concerns about the entire corporate treasury segment.
The combination of these factors makes the market more vulnerable. The slowdown in purchases by large corporate holders removes part of the usual demand. If other treasuries follow Strategy's lead, the pressure on the price could significantly increase. For now, the volume of coins held remains at a record level, but the absence of new purchases is a clear bearish signal.
My expert conclusion: Corporate treasuries, which were previously considered a "bullish" factor, are now turning into a source of potential risk. Their inability or unwillingness to buy at current levels is a warning sign for a market that is losing one of its key demand drivers. If the sell-off trend continues, we could see a significant intensification of the correction.