CryptoQuant's Darkfost Says Institutional Bitcoin Demand Has Fallen to Low Levels

CryptoQuant analyst Darkfost said institutional demand for Bitcoin is at low levels, with spot Bitcoin ETFs recording $2.1 billion in net outflows over the past 30 days. According to Odaily, Darkfost said Strategy's demand for Bitcoin has been near zero for several consecutive weeks, while overall demand from Bitcoin treasury companies fell from about $6.6 billion in August 2025, when Bitcoin traded around $115,000, to nearly zero now, when Bitcoin trades around $65,000. Darkfost said the trend reflects bearish market sentiment, but that the lowest point in institutional demand is often the best time to build positions.