DAT Buying Remains Frozen Post-Crash, Says Coinbase

Core Insights - Digital Asset Treasury (DAT) firms have significantly reduced their cryptocurrency buying activity, particularly in Bitcoin, following the market crash on October 10 [1][2][3] - Ethereum (ETH) purchases have been concentrated in a single firm, Bitmine Immersion Technologies (BMNR), which has accumulated a substantial amount of ETH [4][5][6] Group 1: Bitcoin Purchasing Trends - Bitcoin purchases by DAT firms have nearly vanished since October 10, indicating a lack of confidence among major investors [2][3] - The absence of significant Bitcoin buying from DATs is seen as a critical indicator for market sentiment, as these firms typically have the capacity to make large purchases when they are confident [3] Group 2: Ethereum Accumulation - Despite a decline in overall buying activity, ETH purchases have remained positive, primarily driven by BMNR, which has added 77,055 ETH to its holdings [4][5] - BMNR now holds over 3.31 million ETH, representing approximately 2.8% of the total ETH supply, with its digital assets and cash holdings exceeding $14.2 billion [5][6] Group 3: Market Sentiment and Caution - The cautious approach of large investors post-crash has led to a defensive stance, with expectations of potential further market declines [7] - The concentration of ETH purchases in BMNR raises concerns about the sustainability of corporate buying momentum if BMNR's purchasing activity slows down [6]