Bitcoin retreats as ETF outflows and treasury buying slow

US spot Bitcoin ETFs recorded five consecutive weeks of outflows totaling more than $5 billion, with the 30‑day moving average of net ETF flows at −2,450 BTC per day. That level of net selling exceeds the network’s post‑halving miner supply of roughly 450 BTC a day. The 30‑day average daily trading volume in US spot Bitcoin ETFs fell to about $960 million from roughly $4.4 billion in October, a decline of about 78%.

Corporate treasury purchases of Bitcoin have slowed sharply. Net treasury accumulation that previously reached peaks above $500 million per day dropped to near zero in June, though many firms remain net buyers overall. One large public holder sold 32 BTC in the final week of May and later purchased about $100 million worth of Bitcoin during a subsequent selloff. Other listed holders reduced portions of their inventories.

Trading in publicly listed companies that hold Bitcoin has also weakened. The 30‑day simple moving average of daily trading volume for major publicly listed Bitcoin holders fell from $34.2 billion in December to about $17.4 billion at press time.

On exchanges, deposits of Bitcoin rose for both large holders and retail wallets. Large‑holder inflows to a major exchange averaged about 5,280 BTC per day over the past three months, up from a daily average of about 1,900 BTC in March. Retail inflows averaged roughly 410 BTC per day in the same recent period. A similar pattern occurred in early February, when large‑holder inflows spiked to about 6,200 BTC per day and retail inflows reached about 570 BTC as Bitcoin approached the $60,000 level.

Aggregate trading volume across the largest non‑stablecoin crypto assets declined to levels last seen in mid‑2024. Lower volume in spot markets and ETFs reduces the number of counterparties available when selling increases.

Analysts reported, “Corporate treasury accumulation has slowed sharply, with net inflows falling from peaks above $500 million per day to near‑zero levels since June.” Market data indicate that spot ETF flows, corporate treasury buying and trading in Bitcoin‑linked equities are currently less active in absorbing supply than they were earlier in the cycle.