Bitcoin treasuries buying has slowed sharply as ETF selling keeps adding pressure to the market, Glassnode co-founder says.
Bitcoin treasuries aren’t buying enough to offset selling from spot Bitcoin exchange-traded funds, which saw tens of thousands of BTC▼$60,152.00 in outflows over the past month, Glassnode co-founder Rafael Schultze-Kraft said.
In a Monday X post, Schultze-Kraft said institutional wrappers have shifted from absorbing Bitcoin supply to adding sell-side pressure, making any BTC price recovery harder.
The Glassnode co-founder pointed out that exchange-traded funds sold 71,600 BTC over the past month, while Bitcoin treasuries (also known as digital asset treasuries or just DATs) bought only 7,500 BTC. After adjusting for new issuance, combined flows were negative by 77,000 BTC, he added. Rafael Schultze-Kraft wrote:
“Until this flips positive, any recovery is fighting net wrapper supply.”
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Bitcoin Treasuries Buying Slows
ETF selling became clear in late June. Data from SoSoValue shows that spot Bitcoin ETFs lost about $1.61 billion across June 24, June 25 and June 26 alone, bringing cumulative net inflows down to $51.61 billion.
Since early May, ETF flows have rarely delivered any meaningful inflow days, while outflows kept coming in larger waves. After May 5, the largest daily inflow in the SoSoValue data was $131.3 million on May 14, while outflows repeatedly reached hundreds of millions, including $733.4 million on May 27.
Data from BitcoinTreasuries shows public Bitcoin treasury companies added 43,500 BTC net in May, led by Strategy’s 25,404 BTC purchase, but that broader public-company bucket and isn’t necessarily the same as Schultze-Kraft’s latest DAT-only figure.
As of press time, Bitcoin is trading around $60,000, down over 6% over the past seven days, per data from Bitcoin Foundation’s price tracking page.
Read more: Bitcoin Recovery Could Stretch Into August Even if Bottom Holds
