Shares of companies holding Bitcoin and Ether as treasury assets have declined sharply following recent cryptocurrency price drops. Strategy, formerly MicroStrategy, saw its market capitalization fall from approximately $128 billion in July to around $70 billion. Peter Thiel-backed firms BitMine and ETHZilla dropped over 30% and 23% respectively in the past month, according to market data.

Digital Asset Treasury Companies allocated $42.7 billion to cryptocurrency purchases in 2025, with $22.6 billion deployed in Q3 alone, data show. Bitcoin-focused entities accounted for $30.0 billion of total spending, while Ethereum treasuries spent $7.9 billion, according to CoinShares analysis.

Michael Saylor posted a cryptic message on November 9, 2025, suggesting Strategy may expand its Bitcoin position soon. The firm currently holds approximately 641,000 BTC valued at over $65 billion, with an average cost near $74,000 per coin. Goldman Sachs forecasts Federal Reserve rate cuts starting December 2025, potentially creating favorable conditions for digital assets.

James Chanos has closed his hedged short position against MicroStrategy and Bitcoin after 11 months. Pierre Rochard, CEO of The Bitcoin Bond Company, views the move as a potential signal that difficulties for Bitcoin treasury companies may be easing. Rochard expects continued volatility but characterizes the development as indicative of a potential market reversal.

Bitcoin has traded around $102,000 over the past 24 hours, data show. On-chain analyst Burak Kesmeci projects a local bottom could form near $95,000 to $96,000, based on historical UTXO age band patterns. The 1-week to 1-month realized price band crossed below the 1-month to 3-month band on November 1, a signal that has preceded corrections averaging 13.3% in 2025.

Bitcoin's hold above $100,000 faces mounting uncertainty as selling pressure intensifies and investor confidence weakens. Long-term holders have offloaded over 400,000 BTC in recent weeks, while technical indicators signal deteriorating momentum across the cryptocurrency market.

Bitcoin's Sharpe Signal metric on Binance has declined to approximately -0.277, reflecting deteriorating risk-adjusted returns for market participants, according to data from Arab Chain. The negative reading coincides with Bitcoin trading around $101,747. The metric had maintained values above 0.2 between July and September, a period that aligned with positive price momentum.

Bitcoin trades at approximately $102,001 after a 7.72% weekly decline, testing the 50-week simple moving average at $102,980 for the fourth time. Hash price has declined to $42 per petahash per second, approaching break-even levels following April's halving. Treasury companies including Strategy and Metaplanet carry over $120 million in unrealized losses as bitcoin exchange-traded fund outflows reach $2.3 billion from the peak.