ChainThink reports that on July 23, CryptoQuant analyst Darkfost stated that the latest charts show a clear overall weakening in institutional demand, primarily evident among Bitcoin spot ETFs, treasury companies, and Strategy entities.
Data shows that Bitcoin spot ETFs experienced a net outflow of $2.1 billion over the past 30 days.
Darkfost noted that ETF funds do not fully represent institutional demand, as retail investors can also participate through this instrument, and some institutions may use them for related strategies.
Meanwhile, Strategy-related requests have remained near zero for several consecutive weeks, and treasury company demand has shown the same trend.
Data shows that when Bitcoin’s price was around $115,000 in August 2025, demand from such companies amounted to approximately $6.6 billion; it has now nearly dropped to zero as Bitcoin trades around $65,000.
Darkfost believes that this change reflects currently pessimistic market sentiment, but from a deeper perspective, the cost-effectiveness of market allocation is often more worth considering when demand from these entities is low.