The market capitalization of public companies holding bitcoin in their treasuries has collapsed by more than $100 billion since October 2025. This is a direct consequence of aggressive asset buying at peak values, followed by a deep market correction.
According to my on-chain data analysis, the total value of these corporate portfolios has shrunk from $396 billion to $272 billion. Notably, over the same period, the volume of coins held increased — from 953,000 to 1.14 million BTC. Companies were building positions, but did so extremely poorly, essentially buying "at the top."
Accumulation pace has sharply slowed
The key point I highlight in the current dynamics is the sharp slowdown in the pace of purchases. Starting in May, when bitcoin showed signs of significant undervaluation, corporate treasuries virtually stopped replenishing their reserves. The bulk of the coins were acquired between November 2024 and October 2025, when the price fluctuated in the range of $75,000 to $125,000. During this time, the amount of BTC on these companies' balance sheets tripled.
This pattern of behavior creates a troubling precedent. Companies were building reserves near all-time highs, and now that the market has moved lower, buying activity has virtually dried up. This is a classic sign of "catching the top" on a corporate scale.
Market risks: from "buying the top" to "selling the bottom"
The main question now is the future behavior of these large holders. Given that many of them bought the asset at its peak, there is a serious risk that they will start locking in losses by selling coins at current low levels. A prime example is the company Strategy, which, according to my data, has already begun to realize part of its portfolio. This increases pressure on the market and could trigger a chain reaction among other corporate treasuries.
The disappearance of customary corporate demand removes a powerful supporting factor. If this is combined with a wave of selling from those who bought at highs, we could see a significant strengthening of the downward trend. For now, the total volume of coins held by these companies remains at a record level, but the absence of new purchases and the emergence of the first signs of selling are very alarming signals for the entire market.
My expert opinion: The market is entering a phase where corporate holders are transforming from a growth driver into a risk factor. The "buy and hold" (HODL) strategy is cracking when an asset loses 30-40% from the entry price. If we see mass dumping by treasuries, it could become a catalyst for a deep correction comparable to the bear cycles of past years. Investors should closely monitor BTC movements from the wallets of large corporations.