May Crypto Treasury Inflows Crash 95% to $180 Million Low

Crypto treasury inflows collapsed in May to just $180 million, the weakest level since October 2024 and a 95% drop from April’s $4.4 billion. Bitcoin-focused treasuries captured nearly all activity with $177 million, while non-Bitcoin assets saw only minor flows and a $1.89 million Litecoin outflow. Analysts cite yield pressure, NAV compression from spot ETFs, and investor shift away from passive “raise-and-hold” models, pushing firms toward active strategies like staking that already generate roughly 60% of disclosed revenue at six treasury companies. The sharp cooling signals the end of easy accumulation and raises the bar for future capital raises.