ETFs are draining too much liquidity; the story of the treasury model can no longer be sustained.

Digital Asset Treasury Company (DAT) capital inflows in May dropped to $180 million, the lowest since October 2024, down 95% from $4.4 billion in April. Among them, Bitcoin treasury companies contributed $177 million, accounting for about 98% of the total inflows for the month, but also a significant decline from $3.8 billion in April. Reports suggest that the compression of ETF and net asset value premiums is weakening the appeal of passive holding treasury companies. (Cointelegraph)