Key Takeaways

Why is Bitcoin corporate support weakening?

ETF outflows, shrinking stablecoin supply, and falling DAT premiums reduced liquidity and weakened balance-sheet models tied to Bitcoin.

Are Bitcoin corporations at risk or Bitcoin itself?

Corporate treasuries may face debt stress, but Bitcoin’s network remains unaffected and continues operating independently.

Bitcoin’s grown-up phase may come with the same messy problems as adulthood: bills, debt, and bad timing. The very players who lifted it (ETFs, treasuries, and corporate mega-buyers) are now the ones dragging it lower.

Research reports say the reflexive loop is broken. So perhaps the music has stopped and the liquidity is leaving the room.

The liquidity reversal begins

For most of 2025, Bitcoin [BTC] ETFs pulled billions into the market, driving prices higher. Digital asset treasuries (DATs) added demand with shares trading at premiums, and growing stablecoin balances kept liquidity flowing across crypto markets.

Source: NYDIG

NYDIG’s latest report showed that all three of these engines have now reversed.

Spot Bitcoin ETFs saw four straight weeks of outflows, including $1.22 billion between the 17th of November to the 21st. What used to be a steady inflow of buyers has turned completely into selling pressure.

Source: X

DAT premiums have collapsed, reducing the incentive for corporate-style Bitcoin buying.

AMBCrypto previously reported that crypto treasuries have lost over $45 billion as top assets fell 30-50%, though some VCs argue that DATs aren’t inherently net sellers.

SharpLink and a few other firms offloaded small amounts, but most large DATs have not sold holdings, leaving their long-term impact still debated.

Source: NYDIG

Stablecoin Supply also shrank for the first time in months, so liquidity is leaving the system.

Source: NYDIG

By contrast, BTC.D strengthened only because other crypto assets weakened faster. Capital moved inward for safety, not conviction.

Strategy, the balance sheet time bomb