Major corporate Bitcoin holders have faced unprecedented losses. The total market capitalization of companies using Bitcoin treasuries has shrunk by more than $100 billion since October 2025. This is a direct consequence of their aggressive buying at the market peak.
My calculations, based on data from the analytical platform CryptoQuant, show that the value of these assets has fallen from $396 billion to $272 billion. Paradoxically, over the same period, the number of Bitcoins on these companies' balance sheets has increased — from 953,000 to 1.14 million coins. That is, there are more coins, but their total value has sharply declined.
How accumulation slowed down
A key signal is the sharp slowdown in the pace of purchases. Since May of this year, when Bitcoin, in my estimation, reached a zone of significant overvaluation, corporate accumulation has effectively stopped. The bulk of the coins were bought by companies between November 2024 and October 2025, when the price fluctuated in the range of $75,000 to $125,000. It was then that their BTC holdings tripled.
This paints a troubling picture. Companies built up positions near the highs, and now, at lower prices, purchases have virtually stopped. The "buy and hold" strategy has developed a serious crack.
What this means for the market
The main question now is the future behavior of these holders. Since they bought at the top, there is a real risk that they will start selling at the bottom. The example of Strategy (formerly MicroStrategy) is already alarming: the company has begun to realize part of its Bitcoins, which increases pressure on the market.
The slowdown in purchases by major corporate holders removes a significant portion of the usual demand. If other treasuries follow Strategy, the pressure on the price could intensify. For now, they are holding a record number of coins, but new purchases have almost stopped.
My conclusion: The market has lost one of its key growth drivers — corporate demand. If this trend continues, and especially if it transitions into a phase of sell-offs, we can expect a prolonged period of consolidation or even correction. Investors should closely monitor the actions of the largest treasuries, as their behavior is now the main indicator of market sentiment.