Bitcoin's price has been pressured by a dual decline in demand from both spot ETFs and corporate buyers. While the impact of ETF outflows is well-documented, a significant drop in purchases by digital asset treasuries (DATs) has also contributed to the recent price decline. According to Glassnode, as Bitcoin's price fell from the mid-$70,000s to around $60,000, net inflows from corporate treasury firms decreased sharply, with daily purchases slowing considerably. The reduction in corporate buying, which had previously seen daily accumulations exceeding $500 million, has added to the downward pressure on Bitcoin's price. This decline in demand coincides with a broader market sentiment that remains weak. Additionally, the world's largest publicly listed BTC holder, Strategy, sold 32 BTC in late May, further influencing market dynamics. Despite Strategy's subsequent purchase of $100 million worth of Bitcoin, prices continued to fall below $60,000. Meanwhile, U.S.-listed spot ETFs have seen significant outflows, with $213.85 million withdrawn on Wednesday alone, contributing to total redemptions of over $5.72 billion since mid-May.