Bitcoin trades around $62,800: 50.3% below the all-time high of $126,272 set on October 6, 2025, and 33% down year to date. It is the fourth time in the asset's history that it has corrected half its value from a peak. The previous three ended in new all-time highs — a pattern, not a guarantee.
What makes this correction different is who is on the other side selling… and who is buying. Corporate Bitcoin holdings are at all-time highs: more than 1,277,000 BTC on the balance sheets of public companies per CoinGecko's aggregate — around 6% of circulating supply. The 52 treasuries in SatsIntel's directory alone hold close to 1.2 million BTC.
Strategy's case is the most illustrative. Michael Saylor's company has bought 172,756 BTC so far in 2026 — roughly three times all the bitcoin mined in the same period, about 61,000 BTC. But the timing of its purchases tells an even better story: in October 2025, the month of the all-time high, Strategy bought just 777 BTC, its lowest monthly figure in years. In March and April 2026, with the price falling hard, it bought 44,377 and 56,235 BTC respectively — its biggest months since November 2024. Lows in euphoria, highs in panic: the disciplined buyer's playbook, executed at a scale of billions.
It is not only Strategy. Metaplanet added 5,075 BTC in the first quarter to reach 40,177, cementing itself as the third-largest corporate treasury in the world. Bitcoin Standard Treasury debuted with 30,021 BTC contributed by Adam Back and its founding shareholders. Strive reached 19,000 BTC after absorbing Semler Scientific. The sector's honest counterpoint is MARA Holdings, which sold 15,133 BTC in March to buy back a billion dollars of convertible debt — a reminder that not every balance sheet weathers a bear market the same way.
The contrast with passive money is striking: US spot ETFs have logged two weeks of net outflows and a net negative of about 63,000 BTC over the last eight weeks. The aggregate flow draws a rotation: paper leaving passive vehicles and entering corporate balance sheets that intend to hold.
Price measures short-term sentiment. Balance sheets measure conviction. Every figure in this piece — holdings by company, purchase history and ETF flows — is verifiable in real time in the SatsIntel directory.
