The moment for companies to "buy the dip" on Bitcoin might really be here. Here’s a pretty shocking stat: Among publicly listed companies holding BTC, nearly 80% are now sitting on unrealized losses. Bitcoin’s price has fallen below the average cost basis of these companies’ holdings. In other words: Most of the companies that chased Strategy MSTR to buy Bitcoin during this bull run are now underwater. But what’s truly worth noting is the history: The last time the proportion of companies with unrealized losses surged to 80%-100% was during the darkest phase of the 2022 bear market. And after that— BTC climbed from under $20,000 all the way past $100,000. Now, the same extreme pressure is back. Retail investors are panicking. Companies are stuck. The market is starting to question whether "corporate BTC buying" was a mistake. But here’s the harshest truth about the market: The real bottom often doesn’t come when everyone starts believing, but when even institutions begin doubting themselves. Corporate treasuries have now entered deep unrealized loss territory. There’s only one thing I’m most eager to see next: Will history repeat itself this time? ₿