The market value of Bitcoin held by treasury companies has plummeted by over $124 billion since October 2025, according to CryptoQuant analyst Darkfost. The value dropped from $396 billion to $272 billion, despite an increase in Bitcoin holdings from 953,000 to 1.14 million. This decline is attributed to the accumulation of Bitcoin at high prices, particularly during the aggressive buying phase from November 2024 to October 2025, when Bitcoin traded between $75,000 and $125,000. Currently, the accumulation pace has nearly halted, raising questions about whether these companies will follow the lead of others and sell their holdings at lower prices. The market is closely watching for any signs of selling pressure that could further impact Bitcoin's valuation.