Corporate BTC Buying Dries Up Amid Market Weakness

Bitcoin's recent price drop from $74,000 to below $60,000 has been fueled by a sharp decline in buying from both spot ETFs and corporate digital asset treasuries. The latter, which had been accumulating bitcoin at a rate of over $500 million daily earlier this spring, have seen their daily purchases dwindle to minimal levels this month.

According to analysts at Glassnode, the net inflows from corporate treasury firms fell sharply as Bitcoin broke down from the mid-$70Ks toward $60K. While companies remain net buyers overall, the decline in accumulation suggests they are becoming more cautious, removing another source of marginal demand at a time when broader market sentiment remains weak.

The exodus from spot ETFs has been well-documented, with over $5.7 billion in net outflows since mid-May. The sell-off was partly catalyzed by Strategy, the world's largest publicly listed BTC holder, disclosing that it sold 32 BTC in the final week of May.