📉 Bitcoin institutional buy orders hit a near standstill

In the past nearly 30 days, spot ETF net outflows totaled $2.1 billion, and new demand from treasury firms such as Strategy has remained at zero for several consecutive weeks. Compared with the $6.6 billion monthly treasury demand in August 2025 (BTC 115k), the current BTC level is 65k—institutional capital has basically disappeared.
This isn’t short-term volatility; it’s a structural problem. ETF net outflows combined with treasury demand at zero means the two biggest categories of buyers in the market—compliant ETFs and listed companies—are both pulling back. With no institutional backstop, sell pressure from retail traders and miners becomes even harder to absorb.
With BTC at 65k, price control is shifting from institutions to retail and short-term traders. If ETF net outflows continue, or treasury firms begin to reduce holdings, the price could fall further.
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