**Weekly Inflows into Digital Asset Treasuries Collapse by Over 95% Amid Market Headwinds**
Weekly inflows into Digital Asset Treasuries (DATs) have collapsed by more than 95% over the past four months, with the decline accelerating in Q4 amid broader market headwinds.
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### What’s Behind the Collapse in DAT Inflows?
Digital Asset Treasuries have played a major role in the crypto market this year. Large institutions, including Strategy (formerly MicroStrategy), BitMine Immersion Technologies, Metaplanet, and others, have amassed billions in Bitcoin, Ethereum, and other digital assets as treasury reserves.
However, recent market turbulence has tested institutional conviction. While many expected a strong crypto rebound in Q4, that hasn’t materialized. The tariff-induced crash hit the market hard, and assets like Bitcoin and Ethereum have struggled to reclaim their previous highs.
BeInCrypto reported earlier that following the crash, corporate Bitcoin purchases plummeted. This slowdown in momentum has also impacted other altcoins. Data from DeFiLlama showed that weekly inflows peaked at around $5.57 billion in July 2025 but dropped to just $259 million by November 2025. This fall of over 95% signals a broad decline in institutional buying power and confidence.
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### Financial Strain and Selling Pressure
The downward trend extends beyond reduced accumulation. Earlier this month, one Bitcoin treasury firm sold 30% of its holdings to pay down convertible debt, highlighting growing financial strain within the sector.
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### Performance Gap Widens Between Bitcoin and DATs
While the market downturn has curbed inflows, it has also sharply affected the share prices of Digital Asset Treasuries. The crypto market’s inherent volatility directly impacts companies adopting the DAT model. Because their balance sheets are heavily exposed to digital assets, their stock performance tends to mirror the price swings of Bitcoin, Ethereum, and other holdings.
This heightened sensitivity amplifies financial pressure during downturns. As Fabian Dori, CIO at Sygnum Bank, told BeInCrypto, DATs are a “high-beta bet” on the assets they hold.
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### DAT Stocks Underperform Underlying Assets
Recent data reveals that the sell-off in DAT stocks has far outpaced the drop in their underlying assets. According to Artemis, Bitcoin fell roughly 10% over the past three months, whereas DAT-related stocks have suffered losses ranging from 40% to as high as 90% during the same period.
“The 3-month gap between BTC performance and DAT performance is absolutely wild. BTC down -10%, while DAT losses start at -40%,” noted ElBarto_Crypto.
Despite this underperformance, most firms’ market net asset values (mNAVs), which measure market capitalization relative to digital asset value, have managed to stay above 1. As of November 7, many still trade above the value of their Bitcoin holdings, including Strive at 3.4x, BSTR at 1.6x, CEP at 1.2x, Metaplanet at 1.2x, and MicroStrategy at 1.1x.
“When BTC goes down even a little, premiums collapse,” the report added.
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### Premiums Crash, Creating Tough Decisions for DAT Managers
Looking at the broader picture, BeInCrypto highlighted that DAT premiums have crashed from above 25 down to nearly 1.0, marking a significant drop. According to analyst Adam, as premiums shrink and losses deepen, DAT managers face difficult decisions: either halt accumulation and acknowledge failure or continue raising funds under increasingly unfavorable conditions in pursuit of growth.
“Most of the largest DATs are down 10%+ from their average purchase price, with their stock prices down even more. Issuing at a discount to NAV destroys shareholder value; every new purchase dilutes holdings per share. DATs are trapped: they can’t fund new purchases and are left holding bags of crypto purchased at peak prices,” he explained.
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### The Road Ahead for Digital Asset Treasuries
Adam also pointed out that nearly all DATs have failed to replicate Strategy’s success. Moreover, these entities now hold substantial portions of the total BTC, ETH, and SOL supply. He warned that if these struggling DATs are forced to unwind their positions, it could trigger intense selling pressure across both major and alternative cryptocurrencies.
The coming period will be a critical test for institutional crypto strategies and will demonstrate whether the DAT model can adapt to more challenging market conditions.
https://bitcoinethereumnews.com/crypto/institutions-are-backing-off-crypto-as-inflows-plunge-95/
