Crypto treasury firms strain as analysts debate start of a new market era

[chainsniff]

Mounting losses at crypto treasury companies are intensifying fears of contagion. Strategy, the largest corporate Bitcoin holder, is now sitting near breakeven after BTC fell below its average purchase price, while its market value has dropped more than 60% since mid-2025. Ethereum-focused firm BitMine Immersion is facing even deeper pressure, with billions in unrealized losses tied to ETH’s decline.

Analysts warn these firms are trapped: selling crypto could stabilize balance sheets but would likely crash investor confidence and token prices. Meanwhile, technical analysts point to breakdowns in both Bitcoin and Ethereum that suggest an extended downtrend.

Still, some researchers argue this is not a classic crypto winter. Unlike past collapses driven by internal failures, the current downturn reflects macro forces and regulation, signaling a new market structure where not all tokens rise together.

[madtrader]

technical breakdowns across btc and eth make this look more structural than just a short-term dip. extended downtrend seems likely.