From Frenzy to Freeze: Corporate Bitcoin Purchases Nearly Disappear

ETF outflows have dominated the narrative around Bitcoin’s recent weakness, but a second source of demand—corporate treasury buying—has also faded sharply, deepening the imbalance on the buy side.

Bitcoin has effectively lost two key pillars of support.

While heavy redemptions from spot ETFs are widely recognized as a major driver of the latest decline, a quieter but significant shift has been unfolding in digital asset treasury (DAT) demand—firms that accumulate Bitcoin as a balance-sheet reserve.

According to Glassnode, net inflows from corporate buyers fell sharply as Bitcoin slid from the mid-$70,000 range toward $60,000. Daily accumulation has dropped to a fraction of its earlier pace, signaling a marked cooling in institutional-style corporate demand.

Although these entities remain net buyers overall, the slowdown reflects growing caution and removes an important marginal source of liquidity at a time when sentiment is already fragile.

On-chain data indicates that DAT inflows have largely stalled this month, a sharp reversal from April and May, when multiple sessions saw more than $500 million in daily corporate accumulation.

This abrupt contraction in demand helps explain Bitcoin’s swift drop from around $74,000 to below $60,000 last week.

Some market participants also point to activity from Strategy, the largest publicly listed corporate Bitcoin holder, after it disclosed a sale of 32 BTC in late May. While the firm later returned to the market with roughly $100 million in purchases during the downturn, the inflows were insufficient to prevent further downside pressure.

At the time of writing, Bitcoin was trading near $62,500.

Meanwhile, U.S.-listed spot Bitcoin ETFs continue to weigh on sentiment. The 11 funds recorded $213.85 million in net outflows on Wednesday, according to SoSoValue, extending a persistent streak of redemptions. Since the second week of May, cumulative outflows have exceeded $5.72 billion, limiting the market’s ability to sustain any meaningful recovery.