Analyst: Total Market Cap of Crypto Treasury Companies Evaporates Over $100 Billion, Yet Holdings Increase to 1.14 Million BTC

CoinFeed July 11 news: CryptoQuant analyst Darkfost pointed out that the total market cap of digital asset treasury companies has evaporated by over $100 billion since October 2025, dropping from $396 billion to $272 billion. During the same period, the number of Bitcoin held by these companies increased from 953,000 BTC to 1.14 million BTC. Since May, as Bitcoin entered a notably undervalued zone, their accumulation pace slowed significantly, almost stalling. Notably, between November 2024 and October 2025, these companies were most aggressive in accumulating in the price range of $75,000 to $125,000, with holdings tripling. The current question is: having heavily bought at the top, will they sell at the bottom like Strategy?