Crypto treasury companies saw a significant decline in monthly inflows, dropping to $180 million in May, marking the lowest level since October 2024, according to DefiLlama data reported by Cointelegraph. This represents a 95% decrease from April's $4.4 billion and a 93% drop from the average monthly inflow from January to May. Bitcoin treasury companies accounted for 98% of May's total inflows, approximately $177 million, but this was also a sharp decline from April's $3.8 billion. Non-Bitcoin reserve assets contributed minimally, with small inflows from Zcash, Story, and Sui, while Litecoin recorded an outflow of $1.89 million. The slowdown highlights a shift in investor sentiment as factors like ETF developments, asset net value compression, and yield pressures challenge the traditional model of financing and holding tokens.