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.