Data from DeFiLlama showed Weekly inflows have fallen from a peak of $5.57 billion in July 2025 to just $259 million in November.
This is a staggering 95% drop.
Source: DeFiLlama
The decline came as broader market sentiment weakened and crypto prices struggled to recover from the recent rate-driven crash. Confidence among corporate buyers who once viewed crypto as a hedge and growth tool is waning.
The once-hyped institutional treasury strategy may be entering a pause or reset phase.
Buy high, lose faster
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The Bitcoin performance gap [BTC] and Digital Asset Treasuries (DATs) has been widened strong over the past three months. While BTC only fell about 10%, most DAT-linked assets are down between 40% and 90%.
Several DATs (including those linked to Metaplanet and Naka) are deep in negative territory, even as BTC’s market value remains relatively stable.
As losses mount and premiums disappear, DAT managers are under increasing pressure to choose between pausing new purchases or continuing under difficult circumstances.
Analyst Adam noted that most major DATs are now trading below their average crypto purchase prices, with their shares falling even further.
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Issuing new shares at a discount erodes value, leaving these funds stuck with assets purchased at the top. If they are forced to liquidate their major BTC, Ethereum [ETH]and Solana [SOL] holding companies could increase selling pressure across the market, testing the resilience of the entire DAT model.