Large corporate bitcoin holders have lost $100 billion in market capitalization: an analysis of a catastrophic strategy

The market capitalization of companies using bitcoin treasuries has decreased by more than $100 billion since October 2025. According to my data analysis, the total value of these corporations has fallen from $396 billion to $272 billion, while the number of coins in their reserves has, on the contrary, increased.

A paradoxical situation: the volume of bitcoins on the balance sheets of such companies has grown from 953,000 to 1.14 million BTC during the specified period. However, the overall valuation of their assets has sharply declined following the market correction. This is a classic example of how chasing a "bullish" trend leads to colossal losses when the market phase changes.

The pace of accumulation has sharply slowed

A key warning signal is the sharp slowdown in the pace of purchases. Starting in May, when bitcoin showed signs of significant undervaluation, the accumulation process practically stopped. The bulk of the coins were acquired between November 2024 and October 2025, when the BTC price fluctuated in the range from $75,000 to $125,000. During this period, the number of bitcoins held tripled.

This paints a worrying picture: companies built up positions near historical highs, and now, at lower prices, purchases have practically ceased. This behavior indicates a lack of confidence in further growth even among the largest institutional players.

Risks for the market: selling the "bottom"

The main question now is the future behavior of these holders. Given that many of them "bought the top," there is a high risk that they will start "selling the bottom." A striking example is the company Strategy, which has already begun to sell off some of its bitcoins, heightening concerns about the entire corporate treasury segment.

The slowdown in purchases by large corporate holders removes a significant portion of customary demand from the market. If other treasuries follow Strategy's lead, the pressure on the price could intensify many times over. For now, they hold a record volume of coins, but new purchases have practically stopped, making the market extremely vulnerable.

My expert opinion: This situation is a classic "bearish" signal. Corporate treasuries, which previously acted as a growth driver, are now turning into a risk factor. Investors should closely monitor their actions: if a mass realization of losses begins, we could see a new wave of pressure on bitcoin.