Analyst: Institutional Demand Cools Significantly, Bitcoin Spot ETF, Strategy and Treasury Companies Buying Near Stagnation

TechFlow News, July 23, CryptoQuant analyst Darkfost stated that a latest chart shows current institutional-related demand is significantly weakening overall, mainly reflected in three categories: Bitcoin spot ETFs, treasury companies, and Strategy.

Specifically, Bitcoin spot ETF fund flows over the past 30 days showed a net outflow of $2.1 billion. He pointed out that ETF funds do not fully represent institutional demand, as retail investors can also participate through this tool, while some institutions may also use it for hedging strategies.

At the same time, demand on the Strategy side has remained near zero for several consecutive weeks, and treasury company demand also shows the same trend, directly impacted by the current bearish market environment. Data shows that in August 2025, when Bitcoin price was around $115,000, demand scale for such companies was about $6.6 billion, while currently near the Bitcoin level of about $65,000, it has almost dropped to zero.

Darkfost believes that this change reflects that current market sentiment is leaning pessimistic, but looking at a deeper level, often when demand from such entities is at a low level, the value proposition of market allocation is actually more worthy of attention.