While bitcoin ETF outflows have drawn significant attention as a sign of weakening demand, corporate treasury accumulation has also slowed sharply, creating a compounding effect on the buy side of the market. Companies that previously used bitcoin as a balance sheet asset have pulled back from new purchases, reducing a demand source that had provided consistent support during earlier bull phases. The dual slowdown — institutional fund outflows alongside corporate buying hesitation — suggests broader caution among sophisticated market participants rather than pressure isolated to retail or ETF-driven flows. Analysts note that without fresh corporate commitments to BTC reserves, the market loses a structural buyer that had historically helped absorb sell pressure. The trend raises questions about whether the corporate treasury narrative retains the momentum it carried in previous cycles.
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