bitcoin has lost buyers on two fronts.
The exodus from spot ETFs as a catalyst for the recent bitcoin price decline is well documented. Less discussed is the equally steep drop in purchases by digital asset treasuries, or companies whose primary business is accumulating bitcoins as a treasury asset.
“As BTC fell from $70,000 to $60,000, net inflows to corporate treasuries fell sharply, and daily purchases slowed to a fraction of their recent pace,” Glassnode analysts said in the latest market update.
“While companies remain net buyers overall, the decline in accumulation suggests this group is becoming more cautious, eliminating another source of marginal demand at a time when overall market sentiment remains weak,” they said.
The green and red bars show the dollar value of companies’ daily net purchases of digital assets since June 2025, smoothed using a seven-day moving average.
Demand for DAT has virtually evaporated this month, compared to multiple instances of over $500 million in daily buildup seen throughout April and May.
That partly explains BTC’s rapid drop from $74,000 to below $60,000 last week.
Some analysts believe the sell-off was primarily catalyzed by Strategy, the world’s largest publicly traded BTC holder, which revealed that it sold 32 BTC in the last week of May. The company, however, returned to the market during last week’s sell-off, acquiring around $100 million worth of BTC. But that failed to prevent prices from falling below $60,000.
At the time of writing, bitcoin changed hands at around $62,500.
US-listed spot ETFs remain another major headwind, as they continue to bleed capital and reduce the chances of a sustained price rally. On Wednesday, the 11 funds recorded an outflow of $213.85 million, according to SoSoValue. Total refunds have exceeded $5.72 billion since the second week of May.
