DAT Inflows Plunge 95% as Institutional Crypto Appetite Fades
Weekly inflows into Digital Asset Treasuries (DATs) have dropped over 95% in four months due to market turbulence and fading institutional conviction.Summary
Weekly inflows into Digital Asset Treasuries (DATs) have collapsed by over 95% in the last four months, falling from a peak of $5.57 billion in July 2025 to just $259 million by November 2025, signaling waning institutional crypto appetite amid market headwinds.
This decline is attributed to market turbulence, including a tariff-induced crash, which has tested the conviction of firms like Strategy and Metaplanet that hold significant Bitcoin and Ethereum reserves. Furthermore, the stock performance of DATs has suffered disproportionately compared to their underlying assets; while Bitcoin fell about 10% over three months, DAT stocks saw declines ranging from 40% to 90%.
Analysts note that DAT premiums have crashed from above 25 to nearly 1.0, trapping managers who face the dilemma of halting accumulation or issuing new shares at a discount to Net Asset Value (NAV), which dilutes existing holdings. A forced unwinding of positions by these struggling firms could introduce significant selling pressure across the crypto market.
(Source：BeInCrypto)