While Bitcoin loses investment appeal, trading below $80,000, public companies have almost stopped adding it to their balance sheets, leaving the market reliant on a single large player. According to CryptoQuant, listed companies hold 1.3 million BTC worth $105 billion, increasing their reserves by 31% over the past 14 months. But 71% of that entire increase was provided by one company, Strategy. All the others combined contributed less than a third of the growth, and that contribution is quickly shrinking.
The scale of the slowdown is striking. In September 2026, excluding Strategy, companies bought just 5,090 BTC, compared with 55,804 BTC in July 2025 — a 91% decline. New entrants have disappeared: 23 new public companies started accumulating Bitcoin in September 2025, but only 11 did so during all of 2026. Notably, of 205 public companies, only 50 bought Bitcoin over the past six months. The corporate trend that heated the market in 2025 is now in the rearview mirror.
At the same time, selling from these companies is rising. In 2026, there have been 8–18 monthly selling events versus 1–9 in 2025. Strategy itself has sold, unloading 6,948 BTC from June through August. Recall that this took place when prices were around $60–65k, a period when Fong Le described the company's approach as a "two-sided strategy," and it later resumed buying. Strategy currently holds 848,517 BTC valued at about $69 billion — well over half of all corporate reserves — and Michael Saylor has not ruled out that the company could sell Bitcoin at any time.
This is changing the demand structure. As corporate buyers exit the market, the role of the marginal buyer shifts to ETFs. But those flows remain unstable. Last week, about $770 million left funds in two days, and Wednesday's Fed decision again left the question of a December rate hike open. There is a parallel with the Ethereum market, where the largest buyer, Bitmine, has nearly reached its stated 5% cap of supply. In both cases, dependence on a single buyer creates fragility.
I believe this report increases near-term bearish pressure on Bitcoin. Until ETFs restore steady inflows and Strategy stops being the near-sole corporate buyer, any slowdown in its purchases or any new sale will be interpreted by the market as a sign of weakness. Therefore, I allow for a move to $79,000 and below; a return to $85,000 becomes realistic only if corporate demand revives or ETFs register a series of large inflows.
Technical analysis and recommendations
Bitcoin
Buyers are currently targeting a return to $81,700, which would open a direct path to $83,000 and then toward $84,500 — a break above which would signal attempts to restore the bull market. On the downside, buyers are expected at $79,900. A drop below that area could quickly push BTC toward $78,500. The next downside target would be around $76,900.
Ethereum
A clear hold above $2,355 would open a direct path to $2,398. The farther target is $2,455; a break above that level would indicate strengthening bullish sentiment and renewed buyer interest. On the downside, buyers are expected at $2,305. A return below that area could quickly push ETH toward $2,231. The next downside target would be around $2,184.
What's on the chart
The red lines represent support and resistance levels, where the price is expected to either pause or react sharply. The green line shows the 50-day moving average. The blue line is the 100-day moving average. The lime line is the 200-day moving average.Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.