Institutional Bloodbath: 65% of Portfolios in Free Fall
As Bitcoin trades around $67,500, the current correction is leaving heavy scars on corporate balance sheets. According to data shared by Charles Edwards, founder of Capriole Investments, 77.4% of companies that have integrated BTC into their treasury are now underwater. A bearish situation that’s testing the convictions of the sector’s biggest players.
Even more concerning, 65% of these companies are showing a deficit exceeding 20% compared to their average purchase price. Even giants like MicroStrategy, whose average acquisition cost hovers around $75,985, find themselves caught in this downturn. This massive pullback is erasing a significant portion of gains accumulated during the last bull run, forcing investors to reconsider their strategies.
Facing this pressure, crypto-related stocks are plummeting. Mining giants like Riot Platforms and Marathon Digital, as well as firms like Metaplanet, are posting heavy losses on the stock market. The market is watching closely: will these treasuries panic or maintain their positions while waiting for a new breakout?
The Specter of 2022: A Macabre Surprise for the Market?
To find such a level of institutional portfolios in the red, we have to go back to May 2022. At that time, the collapse of the Terra (LUNA) ecosystem had triggered a devastating crypto winter. This historical comparison revives bad memories and raises the risk of chain capitulation if Bitcoin’s price were to break its major support levels.
However, the current context is radically different. The approval of spot Bitcoin ETFs and growing institutional adoption provide a massive safety net that didn’t exist four years ago. Trading volumes remain solid, and many analysts see this purge as an accumulation opportunity before the market decides to take off again.
The question is no longer just about how much BTC these companies are buying, but how long they can withstand this pressure without selling. If “weak hands” eventually give in, volatility could explode, offering unexpected entry points for the most patient traders.
Can Bitcoin (BTC) Price Smash Through Its Resistance and Bounce Back?
Despite this grim picture, history has proven that periods of extreme stress often precede spectacular market movements. Bitcoin has already retraced nearly 46% from its ATH of October 2025 at over $126,000. This consolidation zone could well be the necessary springboard to purge excesses and restart a bullish dynamic.
Eyes are now turned toward the next key levels. If buyers regain control, BTC could quickly make up for lost ground and surprise short sellers. Conversely, a break below $65,000 would risk amplifying panic among corporate treasuries.
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