The corporate bid that fueled Bitcoin's price growth has gone quiet, and the absence of this major buyer is being filled by whales.
According to data from CryptoQuant, the cumulative market capitalization of Bitcoin treasury companies has fallen from $396 billion in October 2025 to $272 billion, a loss of over $100 billion. This decline occurred even as their combined holdings grew from 953,000 BTC to 1.14 million.
The treasuries' behavior contradicts the thesis they sold to their shareholders: that they were price-insensitive permanent bids. In reality, they scaled purchases with access to capital markets and froze when those markets faltered.