Bitcoin treasury firms made up nearly all May inflows, but BTC-linked capital formation also dropped sharply from April.
Monthly inflows into digital asset treasury (DAT) companies fell to $180 million in May, the lowest level since October 2024, according to DefiLlama data.
The May total was down 95% from April’s $4.4 billion and about 93% below the monthly average for January through May. The drop followed two strong months for DAT inflows, with data showing $4.2 billion in March and $4.4 billion in April.
Bitcoin treasury companies accounted for nearly all of May’s DAT inflows, with $177 million (about 98%) of the monthly total. However, Bitcoin inflows were also down sharply from their $3.8 billion recorded in April.
