The cryptocurrency market has never been the same since the October 10 crash, with all recovery attempts followed by even deeper downsides.
Bitcoin has plummeted from last month’s peak of above $115,000 to today’s low at around $81,000, and institutional portfolios confirm how volatile the crypto sector can be.
Digital assets companies, after fueling rallies for the past months with substantial accumulations, are now facing staggering losses on their holdings.
Ethereum and Solana holdings suffer heavy losses
A leading Ethereum investor, BitMine, is currently holding 3,559,879 ETH, worth approximately $9.54 billion, after the latest purchase.
BitMine accumulated its stash at $4,010 average price, and has lost $4.47 billion or 31.95%, according to Drops Tab data.
ETH is trading at $2,740 after losing 9% and 13% the previous day and week, respectively.
While Solana exchange-traded funds see impressive demand, Forward Industries is facing pressure as SOL’s price underperforms.
It has purchased 6910,568 tokens at $232 average price, spending $880 million.
With SOL changing hands at $126, Forward Industries’ stake is down $706 million, a roughly 44% unrealized loss (Coingecko data).
The billions of losses reflect the risks of massive positions in volatile assets, especially during a broader financial turmoil.
Saylor’s Strategy is in deep trouble
Strategy, the largest corporate Bitcoin holder, boasts 649,870 BTC, purchased at $74,433 average price per coin.
Saylor’s firm was in the limelight as its unrealized Bitcoin profits hit $6.15 billion.
The company’s BTC holdings were up a massive 70% 46 days ago.
However, the company is now just 8% away from turning position following Bitcoin’s continued declines from early October’s ATH of above $126,000 to the $80,000 vicinity today.
Bitcoin’s downtrends have also hit Strategy’s stock harder.
$MSTR has lost over 70% of its value from its record peak.
The decline has triggered debates about the company’s potential exclusion from the Nasdaq 100 and the MSCI USA by January 2026.
MicroStrategy could be removed from Nasdaq 100.
Due to massive losses in the past 1-2 months, Strategy could be removed from Nasdaq 100 by Jan 2026.
If that happens, a massive outflow will happen from $MSTR stock and it’ll definitely impact BTC.
Bloomberg’s analysts added:
For a company that rose by wrapping up crypto exposure into an equity ticker, index exclusion would strike at more than liquidity. It would chip away at the institutional credibility the model once promised.
Indeed, the stakes remain high. Strategy’s Bitcoin position is more than a figure on a balance sheet.
It is now the indicator of institutional appetite in cryptocurrencies.
Cascading outflows or forced selling from the stock could see Bitcoin plummeting further, pressuring the already struggling investors.
In reassuring investors, Michael Saylor told FOX Business:
The company is engineered to take an 80 – 90% drawdown and keep on taking. So, I think we are in a strong position. Our leverage is at a level of 10 to 15% going toward zero right now. Which is extremely robust.
For now, enthusiasts will watch how these institutional positions evolve.
BitMine and Forward Industries’ unrealized losses reflect the prevailing price declines, which might shift dramatically.
On the other hand, Strategy’s BTC position could turn negative if prices dip further.
Meanwhile, institutions have increasingly reduced their Bitcoin exposure since early this month.
That should reverse for the market to post sustained bounce-backs.
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