Bitcoin faces a dual demand shock. While spot exchange-traded fund outflows dominate headlines, corporate treasury buying has simultaneously evaporated, compounding downward pressure on the asset.
According to Glassnode analysts, net inflows from digital asset treasuries (DATs) plummeted as Bitcoin dropped from the mid-$70,000s toward $60,000. Daily purchases slowed to a fraction of their recent pace, signaling increased caution among firms that treat Bitcoin as a core treasury asset.
This collapse in DAT demand explains part of Bitcoin’s rapid slide from $74,000 to under $60,000 last week. Through April and May, these firms accumulated over $500 million daily. That momentum has now vanished.
Strategy, the largest publicly listed Bitcoin holder, briefly disrupted this trend by purchasing approximately $100 million worth of Bitcoin during the sell-off. However, the firm had previously disclosed selling 32 Bitcoin in late May. Despite Strategy's intervention, prices failed to hold above $60,000.
Meanwhile, U.S.-listed spot ETFs continue to drain capital. On Wednesday alone, 11 funds recorded $213.85 million in outflows. Total redemptions since mid-May exceed $5.72 billion, according to SoSoValue data.
As of writing, Bitcoin traded around $62,500. The simultaneous withdrawal of institutional liquidity from both corporate treasuries and ETF products suggests limited near-term support for a sustained rebound.