📍 DAT inflows hit new 2025 low – crypto treasury model enters true stress test zone

📌 Inflows into DAT organizations have dropped nearly 90% from the July peak, down to around $1.32B – the lowest level in 2025. The market is showing clear skepticism toward the crypto treasury accumulation model.

📌 As asset prices fail to recover, mark-to-market pressure is pushing the mNAV of many DATs below 1, forcing them to sell assets, scale down, or refinance debt. This is the critical weakness of leveraged crypto treasuries (such as Strategy).

📌 As global capital flows prioritize stocks, AI, and gold, DATs are being left behind. Thin liquidity, exhausted institutional demand, and rising devaluation risk are causing crypto to behave like a high-beta asset, lacking a strong foundation to support prices.