It's not just bitcoin ETFs. Corporate BTC buying has dried up too

Bitcoin has lost buyers on two fronts.

The exodus from spot ETFs as a catalyst for the recent bitcoin price swoon is well documented. Less discussed is the equally steep drop in buying by digital asset treasuries, or firms whose core business is accumulating bitcoin as a treasury asset.

"As $BTC broke down from the mid-$70Ks toward $60K, net inflows from corporate treasury firms fell sharply, with daily purchases slowing to a fraction of their recent pace," analysts at Glassnode said in the latest market update.

"While companies remain net buyers overall, the decline in accumulation suggests this cohort is becoming more cautious, removing another source of marginal demand at a time when broader market sentiment remains weak," they said.

The green and red bars show the dollar value of daily net purchases by digital asset firms since June 2025, smoothed using a seven-day moving average.

The DAT demand has pretty much evaporated this month, down significantly from multiple instances of over $500 million in daily accumulation observed through April and May.

That partly explains $BTC's quick slide from $74,000 to under $60,000 last week.

Some analysts believe the sell-off was mainly catalyzed by Strategy, the world's largest publicly listed $BTC holder, disclosing that it sold 32 $BTC in the final week of May. The firm, however, returned to the market during last week's sell-off, snapping up $BTC worth around $100 million. But that failed to keep prices from falling below $60,000.

As of writing, bitcoin changed hands at around $62,500.

The U.S.-listed spot ETFs remain another major headwind, continuing to bleed capital and reducing the odds of a sustained price rebound. On Wednesday, the 11 funds posted an outflow of $213.85 million, according to SoSoValue. Total redemptions have exceeded $5.72 billion since the second week of May.