DAT Inflows Collapse 90% — Is a Hidden Liquidity Crisis Brewing Inside Corporate Crypto?

Digital Asset Treasury (DAT) inflows have collapsed by 90%, hitting a low of $1.32 billion in recent months, the lowest level since institutions began aggressively building crypto reserves in 2025. This sharp decline follows a peak in July 2025 and signals waning institutional confidence in crypto as a balance sheet asset, with DAT-holding companies like Strategy, Inc. seeing significant declines in their mNAV values.

The poor performance is reflected in tokenized stock assets, where major DAT tokens show the worst monthly performance, suggesting investors are no longer assigning premium valuations to this strategy. Furthermore, industry observers, including CryptoQuant CEO Ki Young Ju, warn that altcoins lacking strong liquidity channels, such as those not supported by DATs or ETFs, face increased long-term survival risks.

In response to the volatility, analysts are calling for strategic shifts. Some recommend treasuries reduce exposure to volatile assets like Ethereum and Solana, favoring stable tokenized Real-World Assets (RWAs) for capital preservation. Conversely, critics like Taiki Maeda argue that bundling decentralized assets into DATs adds overhang and damages intrinsic value, suggesting the institutionalization of crypto may lead to underperformance.

(Source：BeInCrypto)