The market has witnessed a dramatic reversal for an entire segment of institutional investors. Companies forming bitcoin treasuries have lost over $100 billion in market capitalization in recent months. This is not just numbers—it's a wake-up call for everyone monitoring the structure of BTC demand.
According to my analysis of on-chain data and public portfolios, the total asset value of these corporations has collapsed from $396 billion to $272 billion between October 2025. The paradox is that the number of bitcoins on their balance sheets has grown during this time—from 953,000 to 1.14 million coins. In other words, they were increasing their positions, but the asset's price moved against them.
Bought at the peak, frozen at the bottom
The key point I highlight in this situation is the sharp slowdown in the pace of accumulation. The bulk of the coins were purchased between November 2024 and October 2025, when bitcoin was trading in the range of $75,000 to $125,000. During this period, their holdings tripled. However, starting in May, when the asset reached a zone of significant undervaluation, the process virtually stopped.
This creates an extremely alarming picture: corporations were actively buying near all-time highs, but at lower prices, their appetite for purchases dried up. Such behavior suggests that many of them acted out of inertia rather than based on strategic vision.
Risk of a chain reaction: selling at the bottom
The main question now is what these holders will do next. Given that many of them essentially "bought the top," there is a serious risk that they will start "selling the bottom." The first sign came from Strategy, which, according to my data, has already begun to partially realize its bitcoin reserves.
If this trend is followed by other treasuries, the pressure on the price could become catastrophic. The disappearance of habitual corporate demand removes a powerful stabilizing factor from the market. For now, the volume of held coins remains at a record level, but the halt in new purchases is the first warning sign.
My comment as an analyst: We are witnessing a classic example of herd behavior, but on an institutional scale. Corporations, which were supposed to be smart money, have fallen into the FOMO trap. Now the market is left without a key buyer, and in the event of further declines, we could see a wave of forced sales that accelerates the drop. Investors should closely monitor the wallets of these companies—they will become an indicator of the next major move.