Corporate Crypto Treasury Demand Evaporates as Bitcoin Buying Slows Sharply

ETF outflows have been the most visible driver of Bitcoin’s recent weakness, but a parallel slowdown in corporate treasury demand is also adding to the pressure.

Bitcoin has effectively lost support from two key sources of demand.

While redemptions from spot ETFs have been widely cited as a major factor behind the recent price decline, a less-discussed development is the sharp pullback in buying from digital asset treasury (DAT) firms—companies that accumulate Bitcoin as part of their corporate balance sheets.

Analysts at Glassnode report that as Bitcoin fell from the mid-$70,000 range toward $60,000, net inflows from these corporate buyers dropped significantly. Daily accumulation has slowed to a fraction of its recent pace, marking a clear cooling in demand.

Although DAT firms remain net buyers overall, the slowdown signals increased caution, removing an important marginal source of support during a period of already weak market sentiment.

On-chain data shows that corporate accumulation has largely dried up this month, a stark contrast to April and May when multiple sessions recorded more than $500 million in daily inflows.

This sharp drop in demand helps explain Bitcoin’s rapid decline from around $74,000 to below $60,000 last week.

Some analysts also point to activity from Strategy, the largest publicly listed corporate Bitcoin holder, after it disclosed the sale of 32 BTC in late May. While the firm later re-entered the market with roughly $100 million in purchases during the sell-off, it was not enough to stabilize prices.

At the time of writing, Bitcoin was trading near $62,500.

Meanwhile, U.S.-listed spot Bitcoin ETFs continue to act as a drag on sentiment. The 11 funds recorded $213.85 million in net outflows on Wednesday, according to SoSoValue, extending a persistent trend of redemptions. Since the second week of May, total outflows have surpassed $5.72 billion, limiting the market’s ability to stage a sustained recovery.