Bitcoin lost buyers on two fronts.
The exodus from spot ETFs as a catalyst for the recent Bitcoin price slide is well documented. Less talked about is the equally significant decline in purchases by treasuries of digital assets or by companies whose primary business is accumulating bitcoins as treasury assets.
“As BTC fell from $70,000 to $60,000, net inflows from corporate treasury companies fell sharply, with daily purchases slowing to a fraction of their recent pace,” Glassnode analysts said in the latest market update.
“Even though firms 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 overall market sentiment remains weak,” they said.
The green and red bars show the dollar value of digital asset companies’ daily net purchases since June 2025, smoothed using a seven-day moving average.
Demand for DAT has virtually evaporated this month, down significantly from multiple instances of daily accumulations of over $500 million seen in April and May.
This partly explains BTC’s rapid fall from $74,000 to below $60,000 last week.
Some analysts believe the selloff was primarily catalyzed by Strategy, the world’s largest publicly traded BTC holder, revealing it sold 32 BTC in the last week of May. The company, however, returned to the market during last week’s sale, buying back BTC worth around $100 million. But this failed to prevent prices from falling below $60,000.
At the time of writing, Bitcoin changed hands at around $62,500.
U.S.-listed cash ETFs remain another major hurdle, continuing to bleed capital and reducing the chances of a sustainable price rebound. On Wednesday, the 11 funds saw an outflow of $213.85 million, according to SoSoValue. Total redemptions have exceeded $5.72 billion since the second week of May.
