Bitcoin's recent price slide from around $74,000 to below $60,000 has been driven by a collapse in buying from both spot ETFs and corporate digital asset treasuries. While corporate treasury firms remain net buyers, their daily purchases have dropped from peaks above $500 million earlier this spring to minimal levels in June, removing a key source of demand. Analysts at Glassnode note that as Bitcoin broke down toward $60K, net inflows from corporate treasury firms fell sharply, with daily purchases slowing to a fraction of their recent pace. The decline in accumulation suggests this cohort is becoming more cautious, removing another source of marginal demand at a time when market sentiment is weak. Additionally, U.S.-listed spot Bitcoin ETFs have recorded over $5.7 billion in net outflows since mid-May, with $213.85 million in outflows on June 11 alone. The selling pressure was further exacerbated by Strategy, the largest publicly listed BTC holder, disclosing a sale of 32 BTC in late May, though it later bought back around $100 million worth. As of writing, Bitcoin trades around $62,500.

Key facts

• Corporate Bitcoin daily purchases fell from $500M+ in April-May to nearly zero in June.
• Spot Bitcoin ETFs recorded $5.7B+ in net outflows since mid-May.
• Strategy sold 32 BTC in late May, then bought ~$100M worth during the sell-off.
• Bitcoin price dropped from ~$74K to below $60K last week.
• Glassnode notes cautious corporate accumulation amid weak market sentiment.

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