DATs down 90% as Bitcoin fell 10% – Is the institutional party over?

Data from DeFiLlama showed weekly inflows have fallen from a peak of $5.57 billion in July 2025 to just $259 million by 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 tariff-driven crash. Confidence among corporate buyers who once viewed crypto as a hedge and growth asset is decreasing.

The once-hyped institutional treasury strategy may be entering a pause or reset phase.

Buying high, losing faster

Source: X

The performance gap between Bitcoin [BTC] and Digital Asset Treasuries (DATs) has widened sharply over the past three months. While BTC was down just about 10%, most DAT-linked assets have plunged between 40% and 90%.

Several DATs (including those tied to Metaplanet and Naka) are deep in negative territory, even as BTC’s market value holds relatively firm.

As losses mount and premiums vanish, DAT managers are under growing pressure to choose between pausing new purchases or continuing under difficult conditions.

Analyst Adam noted that most major DATs are now trading below their average crypto purchase prices, with their shares falling even further.

Source: X

Issuing new stock at a discount erodes value, trapping these funds with assets bought near the top. If forced to liquidate, their large BTC, Ethereum [ETH], and Solana [SOL] holdings could intensify selling pressure across the market, testing the resilience of the entire DAT model.