Glassnode data has been released, and institutional marginal demand is shrinking faster than expected, with daily average purchasing power of over 500 million in spring now nearly zero, and a liquidity gap is forming.

According to the Glassnode Market Update, Bitcoin has recently fallen from about $74,000 to below $60,000. The decline is not only driven by ongoing outflows from spot ETFs, but also by a clear slowdown in buy orders for corporate digital asset treasuries (DAT). Analysts said that although the related companies as a whole still remain net buyers, their daily purchase size has dropped from multiple times exceeding $500 million earlier this spring to an extremely low level this month, weakening marginal market demand. The report said that since mid-May, cumulative net outflows from US spot Bitcoin ETFs have exceeded $5.72 billion; on Wednesday, 11 funds saw a single-day net outflow of $213.85 million. (CoinDesk)