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

Core Insights - Digital Asset Treasury (DAT) inflows have significantly decreased to $1.32 billion, marking a 90% decline from the peak in July 2025, raising concerns about corporate treasury strategies focused on cryptocurrencies [1][2][3] Institutional Flows - Institutional DAT inflows have reached their lowest levels since the aggressive accumulation of digital asset reserves began [2] - Major institutions like Strategy, Inc., BitMine Immersion Technologies, and Marathon Digital collectively hold tens of billions in digital assets, but their realized and unrealized market net asset values (mNAV) have declined significantly [3][4] Asset Performance - The $1.32 billion in DAT inflows contrasts sharply with the July 2025 peak, indicating a significant drop in interest in corporate crypto holdings [3] - Most DAT strategies primarily focus on Bitcoin, with some diversification into Ethereum, Solana, and other altcoins, but this diversification has not protected treasuries from asset depreciation [5] Market Sentiment - Nearly all major DAT-holding companies have reported lower realized values, reflecting widespread market challenges and declining investor confidence [6] - Major digital asset treasury tokens are experiencing the worst monthly performance among all tokenized stock assets, indicating a shift in investor sentiment away from premium valuations for DAT strategies [8][9] Liquidity Concerns - Concerns have been raised about the sustainability of altcoins lacking strong liquidity channels, with warnings that projects without access to DATs or ETFs face increased long-term risks [11][12] - The drying up of altcoin liquidity suggests that only projects securing new liquidity channels like DAT and ETFs have better prospects for long-term survival [11][12]