Group 1 - The crypto market experienced a significant sell-off on September 22, with Bitcoin dropping by 3% and Ethereum by 9%, attributed to a liquidation of $1.5 billion in leveraged positions [1] - The recent pullback raises questions about whether it is a healthy correction or an indication that top cryptocurrencies are overvalued [1] - The Digital Asset Treasury (DAT) trade, which involved companies buying specific cryptocurrencies, has lost momentum, with a quarter of Bitcoin treasury companies trading below their cryptocurrency holdings [5][7] Group 2 - Notable DAT companies that previously invested in Bitcoin have also started to invest in more speculative cryptocurrencies like Ethereum, Solana, and XRP [3] - The prices of Ethereum, Solana, and XRP surged during the summer due to sustained buying from DAT companies [4] - Some DAT companies, such as Nakamoto Holdings, are facing severe declines, with shares dropping 55%, indicating potential implosion [6] Group 3 - The overall sentiment in the crypto market has turned bearish, as reflected in the Crypto Fear & Greed Index, which indicates a lack of bullish sentiment despite a Federal Reserve interest rate cut [8]