ETF outflows have been the primary focus of recent market weakness, but a second source of demand—corporate Bitcoin treasuries—has also faded, further amplifying pressure on the buy side.
Bitcoin has effectively lost support from two key buyer groups.
While the heavy redemptions from spot ETFs are widely recognized as a driver of the recent price decline, less attention has been given to the sharp slowdown in purchases from digital asset treasury (DAT) firms—companies whose strategy involves accumulating Bitcoin as a reserve asset.
According to analysts at Glassnode, corporate accumulation has weakened significantly as Bitcoin fell from the mid-$70,000 range toward $60,000. They noted that daily net inflows from treasury-focused firms have dropped sharply, with buying activity slowing to only a fraction of its recent levels.
Although these companies remain net buyers overall, Glassnode said the slowdown signals growing caution among this cohort, removing an important source of marginal demand during a period of already fragile market sentiment.
Data tracking digital asset treasury flows shows that buying activity has largely dried up this month. This marks a steep decline from April and May, when several days saw more than $500 million in daily accumulation.
The drop in corporate demand helps explain Bitcoin’s rapid decline from $74,000 to below $60,000 last week.
Some analysts attribute part of the sell-off to Strategy, the largest publicly listed Bitcoin holder, after it disclosed a sale of 32 BTC in the final week of May. Although the company re-entered the market during the recent downturn and purchased roughly $100 million worth of Bitcoin, it was not enough to prevent prices from falling below $60,000.
At the time of writing, Bitcoin was trading near $62,500.
Meanwhile, U.S.-listed spot Bitcoin ETFs continue to act as a significant headwind. The 11 funds recorded $213.85 million in net outflows on Wednesday alone, according to SoSoValue, bringing total redemptions to more than $5.72 billion since the second week of May—further limiting the market’s ability to sustain a recovery.
