Large corporate Bitcoin holders, so-called "treasuries," have faced a catastrophic decline in market capitalization. Since October 2025, their total value has dropped by more than $100 billion—from $396 billion to $272 billion. Notably, this decline occurred against a backdrop of an increase in the total number of BTC in their reserves: over the specified period, the volume of coins rose from 953,000 to 1.14 million units.
On-chain analytics data reveals a troubling pattern: companies aggressively built positions near all-time highs, acquiring the bulk of coins in the range of $75,000 to $125,000. The peak of purchases occurred between November 2024 and October 2025, when BTC holdings by treasuries tripled. However, after Bitcoin reached a zone of "significant undervaluation" in May, the pace of accumulation sharply slowed and nearly came to a halt.
The Accumulation Paradox
The key takeaway from this dynamic is that companies bought at the peak, and now, at lower prices, they have stopped aggressive purchases. This sets a dangerous precedent: the market has lost one of its key sources of demand. If treasuries continue to hold record volumes of coins, selling pressure could intensify.
Particular attention is drawn to the behavior of Strategy (formerly MicroStrategy). Based on my observations, this company has already begun selling some of its Bitcoin, heightening fears of a potential chain reaction. If other corporate holders follow Strategy, we could see a massive sell-off "at the bottom," putting additional pressure on the price.
Market Risks
The main question now is the future behavior of these holders. The combination of factors—buying at the top, halting accumulation, and potential selling—makes the market extremely vulnerable. For now, treasuries hold record volumes, but the absence of new purchases removes customary demand. If a mass asset dump begins, the pressure on Bitcoin could become critical.
Expert opinion from Cryptalist: The situation resembles a classic trap for institutional investors. Buying at the peak and panicking during a decline is a typical scenario for retail traders, but for corporations, it signals systemic risks. The Bitcoin market is currently in a phase where the absence of a major buyer could trigger a cascading drop. Investors should closely monitor the actions of Strategy and other key holders—their behavior will determine the near-term trend.