The market capitalization of companies holding bitcoin treasuries has collapsed by more than $100 billion since October 2025. According to my analysis of CryptoQuant platform data, their total value fell from $396 billion to $272 billion. At the same time, the volume of coins held over the same period increased — and this is a key warning signal.
Over the specified period, the number of bitcoins on the balance sheets of such corporations increased from 953,000 to 1.14 million BTC. That is, there are more coins, but their overall valuation has noticeably declined following the market. This is a classic "buying at the top" scenario.
My attention was drawn to a sharp slowdown in the pace of accumulation. Since May, when bitcoin reached a state of "significant undervaluation," purchases by companies have practically stopped. These entities bought the bulk of their coins between November 2024 and October 2025, when the BTC price fluctuated in the range of $75,000 to $125,000. During that time, their holdings tripled.
We are now seeing a worrying picture: companies built up positions near the highs, while purchases have practically stopped at lower prices. This creates the risk of so-called "selling the bottom" — if large holders begin to lock in losses.
What this means for the market
The main question is the future behavior of these holders. Since companies largely "bought the top," there remains a risk that they will start "selling the bottom." The example of Strategy (formerly MicroStrategy) is already telling: the company has begun selling bitcoins, which heightens concerns about the entire segment.
This combination of 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 and start selling, the pressure on the price could intensify. For now, they are holding a record volume of coins, but new purchases have almost stopped.
My expert opinion: Investors should closely monitor the actions of the largest corporate holders. A pause in accumulation and potential sales could trigger a correction. The market has lost a powerful source of demand, and if the trend continues, pressure on bitcoin will increase.