Bitcoin market crash 2026 analysis: Bitcoin’s recent drop from the mid-$70,000 range toward the $60,000 level is being driven by a noticeable change in who is buying and how much.BTC USD was trading around $63,000 as of Thursday. Bitcoin is facing pressure as two major sources of demand have both slowed at the same time: spot ETFs and digital asset treasury firms, as per a report.Bitcoin ETF Outflows Continue to Drain Crypto Market SupportUS-listed spot Bitcoin ETFs remain one of the clearest sources of selling pressure.On Wednesday, the 11 funds recorded $213.85 million in net outflows, according to SoSoValue. Since the second week of May, total redemptions have now crossed $5.72 billion, as per a CoinDesk report.This steady exit of capital has reduced support for any sustained rebound in price.You Might Also Like:Treasury Firms Slow Their Bitcoin BuyingAt the same time, digital asset treasury (DAT) firms, companies that hold Bitcoin as part of their core strategy, have significantly reduced their buying activity.According to Glassnode, as Bitcoin fell from the mid-$70,000s toward $60,000, net inflows from these firms dropped sharply. Analysts said, "As BTC broke down from the mid-$70Ks toward $60K, net inflows from corporate treasury firms fell sharply, with daily purchases slowing to a fraction of their recent pace," as quoted by CoinDesk.Glassnode noted that while these companies are still net buyers overall, the pace of accumulation has clearly cooled, removing a steady source of demand during a period of weak sentiment. The analysts explained that, "While companies remain net buyers overall, the decline in accumulation suggests this cohort is becoming more cautious, removing another source of marginal demand at a time when broader market sentiment remains weak," as quoted by CoinDesk.From Heavy Accumulation to CautionEarlier in April and May, DAT firms were regularly seen buying more than $500 million worth of Bitcoin in a single day.You Might Also Like:That level of accumulation has now largely disappeared, marking a clear shift from aggressive buying to caution.Glassnode analysts linked this slowdown directly to the latest price move from around $74,000 down to below $60,000.Strategy’s Activity Draws Attention in the DownturnMarket focus has also turned to Strategy, the largest publicly listed Bitcoin holder.The company disclosed that it sold 32 BTC in the final week of May. However, it later returned to the market during the recent decline, purchasing about $100 million worth of Bitcoin.You Might Also Like:However, that buying activity was not enough to prevent Bitcoin from slipping below the $60,000 level.A Market Missing Its Usual BuyersWith ETF outflows continuing and treasury accumulation slowing, Bitcoin has been left with fewer consistent buyers in the market.While occasional large purchases still appear, they are no longer strong enough to offset broader selling pressure.The result is a market where two key demand engines that previously supported prices are now both operating at a reduced pace.FAQsWhy is Bitcoin under pressure right now?Because ETF outflows and treasury firm buying have both slowed.How large are the ETF outflows?More than $5.72 billion since the second week of May.