The recent downturn in the cryptocurrency market has put significant pressure on Bitcoin ($BTC) and other top cryptocurrencies, resulting in substantial unrealized losses for major players. On-chain analytics firm CryptoQuant reveals that several prominent firms holding large positions in Bitcoin, XRP, and Ethereum have experienced significant paper losses due to the broader market decline. 10th October’s market crash is a key factor, leading to substantial losses reported by companies like Strategy Inc., Metaplanet, Evernorth, and Bitmine. Notably, Strategy Inc.’s stock has plunged by 53%, trading around $221 after dropping from its previous price band. This decline likely reflects Bitcoin’s current market trends, according to the company’s Bitcoin holdings. Metaplanet, with an average purchase price of $106,00 for its 30.8 $BTC, has incurred unrealized losses exceeding $120 million and a staggering 80% drop in stock value. The situation underscores the volatile nature of crypto assets and their impact on companies operating within the digital asset ecosystem.