Reserve company holding the total market value of bitcoin evaporated over $100 billion

Analyst Darkfost monitoring data indicate that since October 2025, the total market value of the “reserve companies” holding bitcoin has evaporated over $100 billion, with the valuation declining from $39.6 billion to $27.2 billion. Despite the shrinking market value of assets, the total number of BTCs held by these companies increased from 950,000 to 1.14 million. The large-scale inhaling of these companies was concentrated in the period from November 2024 to October 2025, when entry prices ranged from $75,000 to $125 million, a period that tripled. Since May this year, however, as markets enter the “deep underestimation” region, the pace of growth in these enterprises has slowed significantly and even stalled. The focus of market attention is whether these “high-entry” reserve companies will choose to leave at a lower level as front-runners like Strategy begin to sell。