BlockBeats News, July 23rd, CryptoQuant analyst Darkfost stated in a post that the net outflow of funds from spot Bitcoin ETFs in the past 30 days was approximately $2.1 billion. The additional demand from Strategies and other Bitcoin treasuries has also remained close to zero for several weeks.

It is estimated that treasury company demand reached around $6.6 billion in August 2025 when BTC was around $115,000. Currently, with BTC at around $65,000, the relevant demand has largely disappeared.