The market capitalization of companies holding bitcoin treasuries has shrunk by more than $100 billion since October 2025. According to data from CryptoQuant analysts, their total value fell from $396 billion to $272 billion, although the volume of coins held increased during this period.
During this time frame, the number of bitcoins held by such companies increased from 953,000 to 1.14 million coins. Thus, there are more coins, but their total valuation has noticeably declined, following the market. This is a classic example of how building positions at peak levels leads to portfolio depreciation during a correction.
How accumulation slowed down
A key observation was the sharp decline in the pace of purchases. Since May, when bitcoin reached "significant undervaluation," corporate accumulation slowed sharply and practically stopped. Analysts noted a time gap: the bulk of the coins were purchased by these companies between November 2024 and October 2025.
It was then that the price was in the range of $75,000 to $125,000. During this period, the number of held BTC tripled. However, after reaching all-time highs, the appetite for purchases dried up, creating a worrying picture: companies were building positions near the highs, and now, at lower prices, purchases have practically ceased.
What this means for the market
The main question concerns the future behavior of these holders. Since companies largely "bought the top," there remains a risk that they will start "selling the bottom." As an example, Strategy can be cited. The company has already begun selling bitcoins, which heightens concerns about the entire segment.
This combination of factors makes the market more vulnerable. The slowdown in purchases by large corporate holders removes part of the usual demand. If other treasuries follow Strategy and start selling, the pressure on the price could intensify. For now, according to analysts, they hold a record volume of coins, but new purchases have almost stopped.
As an analyst, I see this as a signal for caution. Corporate treasuries have historically been one of the drivers of Bitcoin's growth. Their passivity at current levels may indicate a lack of confidence in a quick recovery. The market needs either new inspiration from institutions or a reassessment of the asset's fair value.