Bitcoin DAT buying collapses from $500 million per day to nearly negligeble
Summary
Bitcoin has lost two major sources of demand: spot ETFs and corporate treasury buyers. Glassnode says digital asset treasury firms sharply reduced purchases as BTC fell from the mid-$70,000s toward $60,000, with daily accumulation dropping from frequent $500 million-plus bursts in April and May to near-evaporation this month. These firms are still net buyers overall, but much more cautious, removing a key source of marginal demand. Meanwhile, U.S.-listed spot ETFs continue to see heavy outflows, including $213.85 million on Wednesday and more than $5.72 billion in redemptions since mid-May. The weaker buying backdrop helped drive bitcoin’s quick drop from about $74,000 to below $60,000 last week, leaving BTC around $62,500.
