[Data: Bitcoin Treasury Companies' Market Value Evaporates by Over $100 Billion, Holdings Increase to 1.14 Million BTC] BlockBeats reports that on July 11, analyst Darkfost pointed out that since October 2025, the total market value of Bitcoin held by global treasury companies has shrunk from $396 billion to $272 billion, evaporating over $100 billion. During the same period, the total amount of Bitcoin held by these companies increased from 953,000 BTC to 1.14 million BTC—indicating that the market value decline was entirely driven by the drop in Bitcoin's price, not by sell-offs. However, it is worth noting that since Bitcoin entered a significantly undervalued range in May of this year, the pace of accumulation has slowed dramatically, almost coming to a halt. The most intensive buying period for these companies was between November 2024 and October 2025, during which their holdings tripled in less than a year. The purchase price range was approximately $75,000 to $125,000—right around Bitcoin's historical peak levels. The current question is: since these companies accumulated heavily in the peak price range, will they sell at lower levels? Strategy has recently taken the lead in selling Bitcoin. Will this behavior be emulated by other treasury companies, becoming a new source of selling pressure in the market? With the current total holdings of 1.14 million BTC, if more companies are forced to reduce their positions in a bearish market to alleviate financial pressure, it could pose additional downside risks to Bitcoin's price.