After a record-breaking rally earlier this year, Bitcoin is now back in the spotlight for a different reason.

The crypto giant has dipped below the $103,000 mark following a 1.17% drop over the last 24 hours.

Although this decline might unsettle some investors, Bitcoin is still up more than 600% since its post-FTX crash lows in late 2022.

Even amid this dip, analysts say the bigger story might be who’s actually holding all this Bitcoin — and what they might do next.

The Role of Bitcoin Treasury Companies: Boon or Time Bomb?

Crypto analyst Miles Deutscher shared some insights that are raising eyebrows in the crypto community.

In a June 21 post on X (formerly Twitter), he pointed out that the growing presence of Bitcoin treasury companies could be both a bullish force and a lurking risk for BTC’s future.

So, what exactly are these Bitcoin treasury companies? Essentially, they’re public or private firms that hold BTC as part of their corporate reserves — kind of like how companies might hold gold or government bonds.

Big names like Tesla, MetaPlanet, and Marathon Digital are in the mix.

But one company dwarfs them all: MicroStrategy.

With over 576,000 BTC in its vaults, MicroStrategy controls more than 2% of the total circulating supply of Bitcoin.

Could Big Institutions Spark the Next Rally — Or the Next Selloff?

According to Deutscher, this kind of institutional interest is a major factor in Bitcoin’s long-term price growth.

He even speculates that the increased corporate demand could push BTC toward the $200,000 mark in the future.

But he also throws in a word of caution: these same companies could turn from HODLers to heavy sellers if the market turns sour.

The worry isn’t just about forced selling — it’s the expectation of it.

If smart investors believe a large firm is about to offload its holdings, they might front-run the selloff, pulling out early and accelerating a price drop.

This ripple effect could even hit the spot Bitcoin ETF market, which has seen more than $46 billion in inflows already.

In short, if the market shifts to “risk-off” mode, things could get ugly fast.

Market Update: The $100K Support Zone Becomes Critical

As of now, Bitcoin is trading just above $102,800 — down about 1.85% over the past week.

With each dip, traders and analysts are increasingly focuse

d on the psychologically important $100,000 level. If BTC slips below that support zone, it could trigger a wave of liquidations and deepen the correction.

At this stage, the question isn’t whether Bitcoin is still in a strong macro trend — it clearly is — but whether short-term forces, like institutional behavior and investor sentiment, will create turbulence before the next leg up.