The market is experiencing a sobering moment for corporate Bitcoin holders. The total market capitalization of companies holding BTC on their balance sheets has collapsed by more than $100 billion since October 2025. This is not just a correction—it is a direct consequence of aggressive purchases at all-time highs, followed by a sharp halt in demand.
According to the latest data I have analyzed, the value of these corporate portfolios has dropped from $396 billion to $272 billion. At the same time, the number of bitcoins in their possession increased—from 953,000 to 1.14 million coins. Simple arithmetic: companies increased their positions, but the price moved downward, and their paper profits evaporated. This is a classic example of buying at the top, which we have seen many times in the history of the crypto market.
How accumulation slowed down
The key warning signal is that the pace of purchases has dropped sharply. Since May, when, in my estimation, Bitcoin entered a zone of significant undervaluation, corporate treasuries have virtually stopped buying. The bulk of the coins were purchased between November 2024 and October 2025, when the price fluctuated in the range of $75,000 to $125,000. During this period, their holdings tripled.
Now the picture is alarming: companies increased their positions near the highs, but stopped buying at lower prices. This creates an imbalance—the usual corporate demand has disappeared, and the market has lost one of its key growth drivers.
What this means for the market
The main question is the future behavior of these holders. Since they "bought the top," there remains a risk that they will start "selling the bottom." The first sign of this came from Strategy (formerly MicroStrategy), which, according to my data, has already begun to sell off some of its bitcoins. If other treasuries follow suit, the pressure on the price could become critical.
For now, the volume of held coins remains at a record level, but new purchases have virtually stopped. This combination of factors makes the market extremely vulnerable. If corporate giants start to lock in losses, we could see a new wave of sell-offs that would accelerate the current decline.
My opinion: The situation resembles the classic "accumulation at highs—panic at lows" cycle. Institutions that entered BTC at the peak are now in a vulnerable position. If they do not find new buyers, the market could face a prolonged consolidation or even a deeper downturn. Investors should closely monitor the balances of major treasuries—this is the main indicator of "smart money" sentiment right now.