The market is experiencing a dramatic turning point. The total market capitalization of public companies holding Bitcoin treasuries has collapsed by more than $100 billion since October 2025. According to my calculations, based on blockchain analytics data, the value of their assets has shrunk from $396 billion to $272 billion — and this despite the fact that the physical volume of BTC in their possession has increased.
Bought the top, holding the bottom
A paradoxical situation: the number of bitcoins on the balance sheets of such companies has increased from 953,000 to 1.14 million coins. However, due to the decline in market price, their dollar valuation is rapidly melting away. This is a classic example of a "buyer's trap at the highs."
The key observation I draw from this case is a sharp slowdown in the pace of accumulation. The bulk of the coins were bought between November 2024 and October 2025, when BTC was trading in the range of $75,000 to $125,000. It was then that corporate treasuries tripled their holdings. But since May, when, in my estimation, the asset entered a zone of significant overvaluation, the buying process has virtually stopped.
A strategy that could become a threat
This creates an alarming signal. Companies built up positions near all-time highs, and now, at lower prices, they have not only stopped buying but have also begun to realize losses. The most telling example is Strategy (formerly MicroStrategy). This giant has already started selling part of its reserves, which increases pressure on the market.
If other holders follow Strategy, we could see a cascading decline. Currently, these companies hold a record volume of coins, but the absence of new purchases removes a significant portion of the usual demand. The market becomes extremely vulnerable: one major player deciding to "sell the bottom" could trigger a chain reaction.
My professional opinion: This situation is a classic example of how institutional euphoria turns into panic. Corporate treasuries, which were supposed to be an "anchor of stability" for BTC, have now themselves become a risk factor. If they begin to massively offload assets, it could become the most powerful bearish trigger for the first cryptocurrency since 2022.