Corporate BTC treasuries bought at the highs: market cap plummeted by $100 billion
The market is experiencing a painful moment of revaluation. The total market capitalization of companies holding bitcoin on their balance sheets has shrunk by more than $100 billion since October 2025. This is a direct consequence of aggressive purchases at peak values, which have now resulted in massive paper losses for corporate treasuries.
According to my analysis of on-chain data, the total value of these organizations' assets has fallen from $396 billion to $272 billion. Notably, over the same period, the number of bitcoins held actually increased—from 953,000 to 1.14 million coins. That is, there are more coins, but their total valuation has sharply declined in line with the market.
Accumulation pace has slowed sharply
A key warning signal is the sharp slowdown in the pace of purchases. These companies bought the bulk of their coins between November 2024 and October 2025, when the BTC price was in the range of $75,000 to $125,000. During this period, their holdings tripled. However, after October 2025, when bitcoin reached, in my estimation, a zone of significant undervaluation, accumulation virtually stopped.
This creates a worrying picture: companies built up positions near the highs, and now, at lower prices, they have stopped buying. Such behavior is a classic sign of a "bull trap" at the institutional level.
Market risks: from "buying the top" to "selling the bottom"
The main question now is the future behavior of these holders. Since these companies largely "bought the top," there remains a risk that they will start "selling the bottom," attempting to lock in losses or restructure their balance sheets.
A striking example is Strategy. Based on on-chain data, this company has already started selling bitcoins, heightening concerns about the entire corporate treasury segment. If others follow Strategy, the pressure on price could intensify many times over.
For now, they hold a record volume of coins, but new purchases have nearly stopped. This removes a significant portion of customary demand. The combination of these factors makes the market extremely vulnerable to further correction.
My conclusion: Corporate treasuries made a classic mistake—they bought during an emotional upswing and froze in indecision during the downturn. If this pattern persists, we could see a wave of forced selling, which would be a serious test for current support levels. Investors should closely monitor the balance sheets of public companies—this is one of the most reliable indicators of "smart money" sentiment.