ETF outflows have dominated the story behind Bitcoin’s recent decline, but a second source of demand—corporate treasury buying—has also weakened significantly, further tilting the market against buyers.
Bitcoin has effectively lost two major pillars of support.
While spot ETF redemptions are widely viewed as a key driver of the selloff, a less visible but important shift has emerged in digital asset treasury (DAT) demand, where companies accumulate Bitcoin as part of their balance sheet strategy.
According to Glassnode, net inflows from corporate buyers dropped sharply as Bitcoin fell from the mid-$70,000s toward $60,000. Daily accumulation has slowed to a fraction of its recent pace, signaling a clear cooling in institutional-style corporate demand.
Although DAT firms remain net buyers overall, the slowdown reflects rising caution and removes a meaningful source of marginal demand during a period of already fragile sentiment.
On-chain data shows that corporate accumulation has largely stalled this month, a stark reversal from April and May, when multiple sessions recorded more than $500 million in daily inflows.
This drop in demand helps explain Bitcoin’s rapid slide from around $74,000 to below $60,000 last week.
Some analysts also point to 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 downturn, the activity was not enough to offset broader selling pressure.
At the time of writing, Bitcoin was trading near $62,500.
Meanwhile, U.S.-listed spot Bitcoin ETFs remain a persistent headwind. The 11 funds recorded $213.85 million in net outflows on Wednesday, according to SoSoValue, extending a sustained streak of redemptions. Since the second week of May, total outflows have surpassed $5.72 billion, limiting the market’s ability to stage a durable recovery.
