Bitcoin Treasuries’ Buying Unable to Compensate for Selling, Glassnode Reports
June 29, 2026
Bitcoin treasuries are struggling to keep up with the pace of selling from exchange-traded funds, putting pressure on the market, according to Glassnode co-founder’s recent observations.
Rafael Schultze-Kraft of Glassnode noted a significant slowdown in Bitcoin treasuries’ buying power, which is failing to compensate for the mounting selling pressure from spot Bitcoin ETFs. The outflows from these exchange-traded funds have amounted to tens of thousands of BTC over the last month, he remarked in a recent post. He highlighted that institutional wrappers responsible for ETFs have transitioned from being net buyers to becoming net sellers, making it harder for Bitcoin’s price to stage a recovery.
Sifting through the data, Schultze-Kraft unveiled that over the past month, ETFs have offloaded approximately 71,600 BTC, while Bitcoin treasuries have only managed to acquire 7,500 BTC. When factoring in the newly minted coins, the combined flows netted a negative position of 77,000 BTC, he elaborated. The co-founder emphasized the pressing issue by stating, “Until this flips positive, any recovery is fighting net wrapper supply.”
The trend of escalating selling pressure from ETFs has become more pronounced towards the end of June. Figures indicate that spot Bitcoin ETFs shed around $1.61 billion across three days – June 24, June 25, and June 26, which brought the total net inflows down to $51.61 billion.
Since the beginning of May, ETF flows have predominantly seen outflows, with few days of discernible inflows. The regularity and magnitude of these outflows have outmatched the inflow days by a substantial margin. Notable data points from BitcoinTreasuries reveal that public companies holding Bitcoin treasuries added a net amount of 43,500 BTC in May, spearheaded by Strategy’s acquisition of 25,404 BTC. Nonetheless, this broader data set does not fully correlate with Schultze-Kraft’s exclusive focus on digital asset treasuries (DAT) in his latest analysis.
As of the latest available data, Bitcoin’s trading price hovers around $60,000, marking a decline of over 6% within the last week. Despite the market fluctuations, the outlook for Bitcoin’s recovery remains uncertain but could stretch into August as analysts suggest, even if the bottom price point holds steady.