The market is experiencing a dramatic moment for institutional Bitcoin holders. Since October 2025, the total market capitalization of public companies holding BTC on their balance sheets has shrunk by more than $100 billion. This decline occurred amid a paradoxical situation: the number of coins in their possession increased, while the value of their assets fell.
Data analysis shows that the volume of Bitcoin held by corporate treasuries increased from 953,000 to 1.14 million BTC. However, their total market capitalization collapsed from $396 billion to $272 billion. This is a classic example of "buying the top": companies actively increased their positions when the Bitcoin price was in the range of $75,000 to $125,000, near all-time highs. Now that the market has corrected, the accumulation process has virtually stopped.
Slowing Accumulation: A Warning Signal
A key observation is the sharp slowdown in the pace of purchases. Since May 2025, when Bitcoin reached "significant undervaluation," the activity of corporate treasuries has nearly ceased. The bulk of the coins were bought between November 2024 and October 2025. That was when the price fluctuated near highs, and the number of held BTC tripled.
This dynamic paints a concerning picture. Companies built up positions at the peak, and now, at lower prices, purchases have stopped. This suggests that institutional players have either exhausted liquidity or lost confidence in further growth.
Risk of "Selling the Bottom"
The main question now is the future behavior of these holders. If they "bought the top," there is a risk they will start "selling the bottom." The first sign has already come from Strategy (formerly MicroStrategy), which, according to analytics, has begun selling some of its Bitcoin. This heightens concerns about the entire corporate treasury segment.
The slowdown in purchases by major corporate holders removes a significant portion of customary demand from the market. If other treasuries follow Strategy into selling, the pressure on the price could intensify many times over. For now, they hold a record volume of coins, but new purchases have virtually stopped. This makes the market more vulnerable to further corrections.
My expert opinion: The situation resembles a classic "euphoria — disappointment" cycle. Corporations that bought BTC at the peak are now trapped. If they begin to realize losses en masse or hedge their positions, we could see additional downward pressure on Bitcoin. The market needs a new catalyst to restore institutional confidence. For now, investors should exercise caution and monitor the actions of the largest holders.