The fall was steep. May’s total was down 95% from April’s $4.4 billion and about 93% below the monthly average from January through May, after March and April each cleared $4 billion.
From Election Surge To Slower 2025The latest drop comes after a sharp burst of buying late last year, when DAT inflows climbed past $12 billion after the 2024 US election results and a friendlier policy backdrop.
That left treasury firms with a tougher pitch. The market crash that followed added pressure, and companies that rely on token accumulation alone now face more scrutiny from investors than they did during the boom.
Yield Pressure Is Reshaping Treasury Firms
Patrick Ngan of Zeta Network Group said companies holding Bitcoin need to show they can do more than park the asset on a balance sheet, while businesses with real cash flow may be better placed than pure holders.
Arthur Firstov of Mercuryo said ETFs give institutions a low-cost, liquid way to get straightforward crypto exposure, which makes it harder for listed treasury firms to keep trading at a premium.
He added that staking can help proof-of-stake treasuries produce revenue, but it cannot fix weak operations, heavy dilution or balance-sheet losses.
The shift is already visible in hybrid models. Grant Cardone has linked Bitcoin with multifamily housing in a treasury-style structure that also draws on rental income and property gains to support more BTC buying.
For now, the numbers show a sector that has lost speed fast. Bitcoin still dominates the field, but the latest data leaves little doubt that the easy money phase has faded.
Featured image from Unsplash, chart from TradingView
