Data shows that Bitcoin Treasury companies have recently shown a turnaround, something that has proven to be bullish in the past.
The last two capitulation bends in Bitcoin Treasury led to bullish action
In a new after on X, Capriole Investments founder Charles Edwards discussed the latest trend in Bitcoin Digital Asset Treasuries (DATs) buying participation.
A DAT is a company that holds a cryptocurrency on its balance sheet as a way to provide its investors with exposure to the asset’s price movements. The most popular DAT strategy involves Bitcoin, the digital asset that has the largest market capitalization.
The most prominent name in this space is Michael Saylor’s Strategy, which has been a ruthless buyer of the cryptocurrency even as it has gone through a bearish transition since the fourth quarter of 2025.
However, unlike Strategy, the other DATs do not have the same conviction in this asset. As the chart below, shared by Edwards, shows, the percentage of DAT companies participating in purchases saw a decline as the bearish market shift occurred, with a particularly sharp drop in April.
However, the graph also shows that the statistic has seen a rapid recovery since the drop to the extreme low in April. This could possibly indicate that DATs are at a turning point.
The analyst has highlighted previous examples of this trend in the chart. “These inflections have historically been very bullish,” Edwards said. While that is true, the trend does not yet have a large enough sample size. As such, it remains to be seen whether things will play out the same way for Bitcoin or if the pattern will be different this time.
In other news, Bitcoin’s recent price recovery is being driven by futures demand, as on-chain analytics firm CryptoQuant explained in an after.
As shown in the chart above, overall demand for Bitcoin has been increasing lately, but the individual components have differed in trend. Spot demand has actually shrunk, meaning derivatives demand has been the driving force behind the increase in aggregate demand.
January’s recovery rally followed the same pattern before gaining momentum. According to CryptoQuant, the same structure also appeared in the 2022 bear market and preceded the next leg for BTC. “It doesn’t guarantee the same outcome, but structurally this is a bearish demand signal,” the analytics firm said.
BTC price
Bitcoin has recovered in the past day as the price approached the $78,000 mark.