Bitcoin has lost buyers on two fronts.
The exodus from spot ETFs as a catalyst for the recent staggering bitcoin price is well documented. Less discussed is the equally steep decline in treasury purchases of digital assets or companies whose core business is accumulating bitcoin as a government asset.
“As BTC collapsed from the mid-$70,000s towards the $60,000s, net inflows from corporate finance companies 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.
DAT demand has largely 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 rapid slide from $74,000 to below $60,000 last week.
Some analysts believe that the selloff was mainly catalyzed by Strategy, the world’s largest listed BTC holder, which revealed that it sold 32 BTC in the last week of May. However, the firm returned to the market during last week’s sell-off, gaining around $100 million worth of BTC. But it failed to keep prices from falling below $60,000.
At the time of writing, bitcoin was changing hands at around $62,500.
The US-listed spot ETFs remain another major headwind, continuing to bleed capital and reducing the odds of a sustained rate recovery. On Wednesday, the 11 funds had outflows of $213.85 million, according to SoSoValue. Total redemptions have exceeded $5.72 billion since the second week of May.
