Bitcoin DATs bleed amid BTC’s extended market slump: What’s next?
As Bitcoin drops to $61K, treasury companies count their losses.
Bitcoin extended its bearish streak, dropping to a low of $61,073 before slightly rebounding. As of this writing, Bitcoin traded at $62,860, down 14% over the last seven days.
With Bitcoin experiencing a sharp drop and hovering around $62k, institutional investors, especially Bitcoin treasuries, are counting losses.
Strategy losses hit $11 billion; Bitcoin treasuries bleed
As Bitcoin [BTC] continued to decline, companies with BTC in their balance sheets have seen losses skyrocket. According to Lookonchain, as the market dropped, Strategy is down $10.9 billion on BTC holdings.
Currently, Strategy holds 843.7k BTC with an average buy price of $75.7k. Thus, the strategy’s total average cost basis sits around $63.9 billion.
With the market’s slip and BTC trading at $62k, the firm’s total Bitcoin holdings plummeted to $53.05 billion. As a result, the total losses jumped to $10.9 billion.
At the peak in October 2025, Strategy’s total BTC holdings were valued at $79.8 billion. This means that Strategy is down $26 billion from its 2025 peak.
Strategy is not the only one counting losses. In fact, the Japanese Metaplanet also saw its holdings plummet in value. Metaplanet’s total purchase cost sits around $3.9 billion.
With the market drop, its Bitcoin holdings are worth $2.5 billion. This means Metaplanet is down $1.4 billion.
These losses have been recorded across all Bitcoin treasuries, with the total value of BTC held by these firms declining by $48 billion from the 2025 peak.
Institutions’ selling continues to weaken the market
In addition to rising losses among Bitcoin treasuries, other institutional investors have continued to sell. U.S. investors have shown particularly extreme bearishness.
The Coinbase Premium Index has remained negative for 30 consecutive days. At press time, the metric sat around -0.12.
With this metric holding negative, it suggests that U.S. investors have mostly been selling, with little or no demand from the group.
Even more so, Bitcoin’s Spot ETFs further confirm this sell-side activity. According to Sosovalue data, BTC Spot Net Inflows have remained mostly negative, recording Net Inflows only twice in the last 30 days.
This shows strong bearish sentiment from key market players. Since ETFs and institutional investors entered the market, they have significantly influenced BTC price action.
When they sell, the market tends to weaken, leading to further losses, and the opposite is also true. Therefore, as long as institutions fear more losses and continue to sell, BTC risks an extended period of weakness.
Final Summary
- Bitcoin treasuries continue to bleed, with Straregy sitting on $10.9 billion in unrealized losses.
- BTC extended its bearish streak, dropping to $61,078, as the risk of more losses looks inevitable.
