<p>Corporate treasuries got it wrong: buying bitcoin at highs led to a loss of $100 billion</p>

The market capitalization of companies holding bitcoin on their balance sheets has collapsed by more than $100 billion since October 2025. This is a direct consequence of aggressive purchases at peak values, which were then followed by a sharp slowdown in demand from institutional players. On-chain analytics data points to a worrying signal: corporate treasuries have not only lost a significant portion of their value but have also virtually halted accumulation.

The Numbers Speak for Themselves

The total market capitalization of these entities has shrunk from $396 billion to $272 billion. Notably, the number of bitcoins in their accounts grew over the same period — from 953,000 to 1.14 million coins. The paradox is clear: the volume of assets increased, but their total value fell. This is a classic example of "buying at the top," where the average entry price ends up being higher than current market quotes.

Slowdown in Accumulation — A Key Indicator

My analysis shows that the main buying impulse occurred between November 2024 and October 2025, when bitcoin traded in the range of $75,000 to $125,000. It was during this period that corporations tripled their positions. However, since May 2025, when BTC reached a level of "significant undervaluation," the pace of accumulation has slowed sharply and has practically come to a halt.

This creates a dangerous imbalance. Companies built up their reserves near all-time highs, and now, at lower prices, buying activity has vanished. The market has lost one of its key demand drivers.

Risk of "Selling the Bottom"

The main question now is the future behavior of these holders. If they start to realize losses, the pressure on the price could be catastrophic. The example of Strategy (formerly MicroStrategy) is already alarming: the company has started selling bitcoins, which could trigger a chain reaction among other treasuries.

For now, the volume of held coins remains at record levels, but the absence of new purchases is a worrying signal. If the selling trend intensifies, we could see a serious correction. The market is caught in a trap: institutions bought the top, and now, instead of averaging down, they are frozen in anticipation. This is not a sign of strength, but a sign of uncertainty.