- Bitcoin’s slide from about $74,000 to below $60,000 has coincided with a sharp pullback in buying from both spot ETFs and corporate digital asset treasuries.
- While corporate treasury firms remain net bitcoin buyers, their daily purchases have dropped from peaks above $500 million earlier this spring to minimal levels this month, removing a key source of demand.
- U.S.-listed spot bitcoin ETFs have recorded more than $5.7 billion in net outflows since mid-May.
Bitcoin BTC$62,866.08 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.
Daily purchases by DAT firms, smoothed using a 7-day moving average. (Glassnode)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.
