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Bitcoin carried nearly all of May’s inflows. Monthly flows into crypto treasury companies dropped to $180 million for the month, the weakest level since October 2024, and Bitcoin-linked firms accounted for almost all of it with $177 million. Smaller additions went to ZCash, Story and Sui, while Litecoin posted a $1.89 million outflow.
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 2025
The 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.
DefiLlama’s figures show the trend then cooled through 2025, staying below $10 billion a month until late summer before slipping again.
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
Galaxy Digital has argued that the old buy-and-hold approach no longer carries the same weight, and that treasury firms need to put assets to work through staking, validator services, DeFi lending or other active uses.
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
