Corporate Bitcoin Buying Grinds to a Halt from $500M Daily to Almost Zero

Corporate Bitcoin buying is losing momentum

One of Bitcoin's biggest growth drivers this year may be starting to lose momentum. 

According to a recent Glassnode report, daily purchases from corporate Bitcoin DATs (digital asset treasuries) have slowed from more than $500 million per day during the peak of the accumulation trend to almost zero. The sharp decline suggests that one of the market's strongest sources of demand has weakened significantly in recent weeks.

The slowdown marks a notable shift from earlier this year, when companies such as Strategy, Metaplanet, Strive, and dozens of newly formed treasury firms raced to acquire Bitcoin through debt offerings, equity raises, and convertible notes.

At the time, corporate demand was absorbing a substantial portion of newly available Bitcoin supply, helping fuel the rally toward all-time highs.

Today, the picture looks very different.

Treasury firms are facing a tougher environment

The decline in buying activity coincides with growing pressure on many Bitcoin treasury companies.

While the strategy delivered significant gains during Bitcoin's rally, recent market weakness has left several firms sitting on sizable unrealized losses.

According to Artemis treasury data, some of the largest Bitcoin-focused treasury companies remain deeply underwater on their holdings, with Strategy alone carrying billions of dollars in unrealized losses.

The decline also comes amid weakening ETF demand.

Recent market data shows institutional investors have been pulling money from spot Bitcoin ETFs for several consecutive weeks, reducing another key source of buying pressure. ETF balances have fallen sharply from their late-2025 highs as institutions become more cautious amid broader market uncertainty.

Together, those trends suggest institutional demand is no longer providing the same support it did during Bitcoin's earlier advance.

Not every company is still buying

The shift is becoming increasingly visible across the treasury sector.

Earlier this week, Fold sold approximately $45 million worth of Bitcoin to eliminate debt and improve its balance sheet rather than increase its holdings.

The transaction highlighted a growing divide among treasury companies. While some firms continue accumulating aggressively, others are beginning to prioritize liquidity, debt reduction, and operational flexibility.

Even Strategy, the company most closely associated with corporate Bitcoin accumulation, recently unnerved investors after reporting its first Bitcoin sale in years before later returning to the market as a buyer.

Those developments have raised questions about whether the corporate treasury trade is entering a more mature phase.

What it means for Bitcoin

A slowdown in corporate purchases does not necessarily mean companies are turning bearish on Bitcoin.

Instead, it may reflect a period of consolidation following one of the fastest treasury adoption cycles in crypto history.

Many firms have already accumulated substantial positions, reducing the urgency to continue buying at the same pace. Others may be waiting for more favorable market conditions before deploying additional capital.

Still, Glassnode's data highlights an important reality: one of Bitcoin's most powerful demand engines is no longer operating at full speed.

Whether ETF inflows, retail investors, or a new wave of treasury companies can replace that demand may play a major role in determining Bitcoin's next major move.