CoinDesk
Bitcoin's slide from roughly $74,000 to under $60,000 over the past week has tracked a rare double squeeze on demand: U.S. spot ETFs have shed more than $5.72 billion in net outflows since mid-May, and on the same schedule, corporate digital asset treasuries (DATs) have throttled their daily accumulation to a fraction of earlier-spring pace. Glassnode analysts noted that 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.
Why it matters
For most of 2024 and early 2025, the BTC bid rested on two distinct cohorts: ETF allocators rebalancing in and out, and corporate treasuries — led by Strategy and a handful of imitators — issuing equity or debt to stack coins. The two flows were imperfect substitutes but broadly complementary, and a selloff in one was usually cushioned by the other. The current cycle has broken that pattern. Strategy, the largest publicly listed BTC holder, disclosed a sale of 32 BTC in the final week of May — small in absolute terms but symbolically the first public net seller move the market has seen from the cohort. The firm returned to buy roughly $100 million during last week's rout, but the bid failed to hold prices above $60,000.
Market impact
Glassnode framed the corporate slowdown as a removal of marginal demand at a time when broader sentiment remains weak — even though DATs are still net buyers in aggregate, the marginal accumulation that was visible in April and May (multiple days north of $500 million) has effectively evaporated this month. ETF flows have done the rest: the 11 U.S. spot funds posted another $213.85 million of net outflows on Wednesday alone, per SoSoValue. With both structural buyers pulling in their horns at once, the tape has lost the bid cushion that absorbed prior drawdowns. BTC was last changing hands near $62,500, and absent a return of either cohort, the path of least resistance stays lower until price action forces a re-entry.
Frequently asked questions
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How much have spot bitcoin ETFs shed in outflows recently?
U.S.-listed spot bitcoin ETFs have recorded more than $5.72 billion in net outflows since the second week of May, with the 11 funds posting another $213.85 million of net redemptions on Wednesday alone, per SoSoValue.
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How much were corporate BTC treasuries buying at peak, and where are they now?
Digital asset treasury firms hit daily net purchases above $500 million on multiple occasions through April and May, but Glassnode data shows that daily accumulation has effectively evaporated this month, even as the cohort remains a net buyer in aggregate.
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Did Strategy sell bitcoin during the recent selloff?
Strategy disclosed selling 32 BTC in the final week of May, a small absolute amount but the first notable net-seller move from the cohort. The firm then returned to buy roughly $100 million worth of BTC during last week's selloff, but the bid failed to hold prices above $60,000.
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Why does a slowdown in corporate BTC buying matter for price?
Corporate treasuries were the second structural bid alongside ETFs throughout 2024 and early 2025. When both cohorts pull in their horns at the same time, the marginal demand that cushioned prior drawdowns disappears, leaving the tape more vulnerable to further downside.
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What level is bitcoin trading at as of the report?
Bitcoin was last changing hands at around $62,500 at the time of writing, after sliding from roughly $74,000 to below $60,000 over the prior week.
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