BlockBeats news: On July 23, CryptoQuant analyst Darkfost posted that the net inflow/outflow for spot Bitcoin ETFs over the past 30 days was approximately -$2.1 billion, and new demand from Strategy and other Bitcoin treasury companies has been near zero for several consecutive weeks.
It estimates that the treasury company's monthly demand reached approximately $6.6 billion in August 2025, when BTC was around $115,000, whereas with BTC currently at around $65,000, the related demand has largely disappeared.

