Digital Asset Treasuries (DATs) are the new ETFs. | Credit: Getty Images. Key Takeaways Digital Asset Treasuries (DATs) have become the hottest corporate crypto trend of 2025. Over 100 public companies now hold more than $30 billion in Bitcoin, Ethereum, and other assets. The strategy offers yield and upside — but also high volatility and regulatory risk. Crypto has found a new home — on corporate balance sheets. What started as Michael Saylor’s bold bet on Bitcoin (BTC) at MicroStrategy in 2020 ...

Core Insights - U.S.-listed crypto ETFs experienced significant outflows, marking the end of a two-week inflow streak, with bitcoin ETFs alone seeing a net outflow of $536.4 million and ether ETFs losing $56.8 million [1][2] Group 1: ETF Performance - The iShares Bitcoin Trust (IBIT) from BlackRock faced outflows of $29 million, while Fidelity's FBTC saw a loss of $132 million, and Grayscale's GBTC product lost $67 million, indicating a broad trend of redemptions across various issuers [2] - Smaller issuers like Bitwise and VanEck also reported outflows, contributing to the overall negative sentiment in the ETF market [2] Group 2: Market Dynamics - The recent outflows were attributed to a volatile fortnight where bitcoin prices fell from $126,000 due to leveraged liquidations, issues with Binance's data feeds, and escalating U.S.-China trade tensions [2] - Analysts at Citi noted that the drawdown reflects bitcoin's increasing sensitivity to equity market movements, while Glassnode characterized the sell-off as a "necessary reset" following significant futures deleveraging [3] Group 3: Future Outlook - Despite the recent volatility and outflows, Citi maintained its year-end target for bitcoin at $133,000, supported by resilient ETF participation, a sentiment echoed by prediction markets [4]

Core Insights - US-listed spot Bitcoin and Ethereum ETFs have seen a resurgence in investor interest, with over $4.5 billion in net inflows last week, marking a significant turnaround from previous outflows [1][2] - October is historically known as "Uptober" for its bullish performance in the crypto market, setting a positive tone for the month [1] Bitcoin ETF Performance - Bitcoin ETFs accounted for approximately $3.2 billion in net inflows, the second-largest weekly total on record, just behind the $3.37 billion peak in November 2024 [2] - ETF trading volumes surged to around $26 billion, indicating stronger investor participation and renewed confidence in the market [2] Leading Funds - BlackRock's iShares Bitcoin Trust (IBIT) led the inflows with $1.78 billion, followed by Fidelity's FBTC at $692 million, Ark 21Shares at $254 million, and Bitwise at $212 million [3] Ethereum ETF Performance - Ethereum ETFs attracted $1.29 billion in inflows, with nearly $10 billion in weekly trading volume [4] - BlackRock's ETHA fund led Ethereum inflows with $687 million, followed by Fidelity's $305 million, Grayscale's $175 million, and Bitwise's $83 million [4] Market Sentiment - The inflows suggest a broader market recovery as investors are looking beyond individual assets [5] - Institutional demand is returning to digital assets, indicating a potential early upside as macro sentiment stabilizes [6] Price Movements - Renewed optimism has driven Bitcoin to a new all-time high above $125,000, suggesting that ETF-driven demand may be establishing a base for a new market cycle [7][8] Structural Support - The scale of inflows is unprecedented, with shifts in institutional allocation strategies indicating deeper structural support compared to previous rallies [8] - Regulatory changes, including new tax guidance, are also contributing to the positive sentiment in the market [9]

A fresh promise of “tariff dividend” checks is colliding with a near-record Bitcoin, setting up a Q4 test of how fiscal headlines move crypto. According to Reuters, the White House is considering rebate checks of $1,000 to $2,000 per person funded by tariff revenue, an idea President Donald Trump described as a “dividend to the people” in a recent interview. The comments arrive as Bitcoin trades near record highs and US spot BTC ETFs draw steady inflows. This proposal has emerged this week in a One Ameri ...

Core Insights - Bitcoin ETFs have experienced significant inflows totaling $2.25 billion over four consecutive days, indicating a strong resurgence in institutional interest [1][8] - BlackRock, Fidelity, and ARK & 21Shares are leading the inflows, with BlackRock's IBIT ETF recording the highest net inflow of $466.55 million in the latest trading session [2][3] Inflows and Performance - The latest trading session alone saw inflows of $627.24 million, driven by Bitcoin's price surge above $120,000 [2] - BlackRock's IBIT has a cumulative total of $61.84 billion in net inflows, while Fidelity's FBTC and ARK's ARKB attracted $89.62 million and $45.18 million respectively [3][5] Market Dynamics - The increase in ETF activity aligns with Bitcoin's price rebound, which reached an intraday high of $120,550 before slightly retreating to $119,912 [3] - Technical indicators such as the Relative Strength Index (RSI) at 64.38 and a widening MACD histogram suggest continued upward momentum for Bitcoin [4] Asset Management - BlackRock's IBIT manages $93.95 billion in assets, while Fidelity's FBTC holds $24.91 billion and ARKB manages $5.43 billion [4][5] - The total assets locked in Bitcoin ETFs now amount to $161.03 billion, representing 6.7% of Bitcoin's total market cap [6] Institutional Demand - The strong inflows into Bitcoin ETFs indicate a resurgence and acceleration of institutional demand, particularly at the start of October, a month historically known for bullish trends in the crypto market [6][8] - Bitcoin ETPs currently hold over 1.47 million BTC, accounting for approximately 7% of the capped supply, with U.S. ETFs holding 1.29 million BTC [7]

Group 1: Bitcoin ETF Inflows - Bitcoin ETFs recorded their highest single day of inflows since mid-September, attracting $675.8 million on Wednesday, with BlackRock's IBIT fund leading with $405.5 million [1] - The inflows marked a three-day streak of over $100 million, with $518 million on Monday and $429.9 million on Tuesday [2] - A significant turnaround was noted from the previous week, where $418.3 million left Bitcoin ETFs on September 26, including a loss of $300.4 million from Fidelity's FBTC [2] Group 2: Ethereum ETF Performance - Ethereum ETFs also showed strong performance, attracting $80.9 million on Wednesday, following $127.5 million on Tuesday and $546.9 million on Monday [3] Group 3: Market Drivers - Increased inflows are attributed to macroeconomic factors, including predictions of imminent interest rate cuts in the US, with a nearly 100% chance of a rate cut in October [4] - The ADP private payrolls report indicated labor market weakness, reinforcing expectations for further Federal Reserve cuts [4] - Speculators on the Myriad prediction market place a 75% chance on two Fed rate changes by year-end, with potential for a 0.25% cut this month if macro data supports it [5] Group 4: Bitcoin's Market Perception - Bitcoin is currently trading at $119,288, perceived as a store-of-value similar to gold amid risks like dollar debasement and de-dollarization trends in countries like Russia and China [6] - Bitcoin is noted to capture both store-of-value flows and growth-asset upside, effectively straddling both narratives [7]

Core Insights - Bitcoin (BTC) has surpassed the $117,000 liquidity wall, nearing $118,000, driven by renewed strength from U.S. spot ETF inflows, indicating bullish market sentiment [1] - ETFs recorded $429.9 million in net inflows on September 30, marking a positive trend for October [1] - The total value traded in Bitcoin ETFs reached $3.26 billion, with BlackRock's IBIT leading the inflows [2] Market Analysis - Traders are monitoring key liquidity clusters, with potential liquidation points at $107,000 and $118,000, suggesting a possible "squeeze fakeout" scenario [3][4] - Resistance is expected between $117,500 and $119,000, with a potential pullback towards the $111,000–$112,000 range [4] - The importance of CME futures gaps is highlighted, with historical data indicating that gaps below $112,000 have been filled in the past five months [5] Seasonal Trends - October is historically a strong month for Bitcoin, with an average return of +29.9%, contrasting with the flat or negative returns in August and September [6] - The MVRV ratio, which measures the divergence of BTC's market price from its average on-chain cost basis, supports a bullish outlook, typically rising above 1.9 in October [7]

Core Insights - Bitcoin exchange-traded funds (ETFs) experienced a significant rebound on September 24, with net inflows of $241 million following two days of withdrawals totaling $683 million [1][3][4] Group 1: Bitcoin ETF Performance - BlackRock's iShares Bitcoin Trust (IBIT) led the inflows on September 24 with $128.9 million, bringing its cumulative net inflows to $60.78 billion and total net assets to $87.2 billion [2] - Ark Invest and 21Shares' ARKB followed with $37.7 million in net inflows, raising its historical total to $2.18 billion [2] - Cumulative inflows for Bitcoin ETFs reached $57.49 billion, with total assets now at $149.7 billion, representing 6.62% of Bitcoin's total market capitalization [3][6] Group 2: Ethereum ETF Performance - Ethereum ETFs continued to face outflows, recording $79.4 million in net redemptions on September 24, with Fidelity's FETH leading the outflows at $33.2 million [4][5] - Cumulative inflows for Ethereum ETFs stand at $13.6 billion, while total assets are at $27.4 billion, representing 5.45% of Ethereum's total market value [6]

Core Insights - Bitcoin and Ethereum exchange-traded funds (ETFs) experienced significant outflows, totaling $244 million on September 23, following a $439 million exit the previous day, indicating a trend of investor withdrawals amid market repositioning around the Federal Reserve's recent rate cut and upcoming U.S. inflation data [1][5]. Group 1: ETF Outflows - Bitcoin spot ETFs recorded net outflows of $103.6 million on September 23, with Fidelity's FBTC leading the withdrawals at $75.6 million, followed by ARK 21Shares' ARKB with $27.9 million [2]. - Ethereum ETFs faced even larger redemptions, with $140.7 million flowing out in a single day, primarily driven by Fidelity's FETH, which accounted for $63.4 million in outflows [3][4]. - On September 22, Bitcoin products lost $363 million, with Fidelity's FBTC again leading the redemptions at $276.7 million, while Ethereum funds saw $76 million withdrawn [4]. Group 2: Current ETF Holdings - As of September 23, Bitcoin spot ETFs hold $147.2 billion in net assets, representing 6.6% of Bitcoin's total market capitalization, with cumulative inflows of $57.25 billion [5]. - Ethereum spot ETFs currently hold $27.5 billion in net assets, accounting for 5.45% of the total Ethereum market, with cumulative inflows reaching $13.7 billion [5]. Group 3: Recent Market Activity - The recent outflows occurred just one week after digital asset products saw nearly $1.9 billion in inflows, following the Federal Reserve's first interest rate cut of 2025, which had previously spurred renewed investor demand for crypto exposure [5][6]. - During the week prior to the outflows, Bitcoin funds attracted $977 million, while Ethereum products recorded $772 million, marking a year-to-date record of $12.6 billion for Ether-backed products [6].

On September 23, spot Bitcoin ETFs recorded total net outflows of $104 million, Fidelity FBTC net outflow was $75.55 million, ranking first. Spot Ethereum ETFs saw total net outflows of $141 million, with all nine funds posting no inflows. https://t.co/SF4brkl9iI https://t.co/Tnd8ZXufjV ...