Well folks, it looks like the crypto crowd has gone quiet. The big boys who once threw money at Bitcoin and Ether like they were handing out candy have stopped the accumulation train-ever since that nasty tumble in October. If you’re wondering where all the action went, let me tell you: it’s been “radio silence.”
According to David Duong, head of investment research at Coinbase Institutional, those digital asset treasury (DAT) companies that used to gobble up Bitcoin like there was no tomorrow have “largely ghosted” since the market took a nosedive. And guess what? They’re not exactly rushing back to the party either. It’s like that one guy who promised to bring the chips and dip but just… didn’t show up. Classic move, right?
“Over the last two weeks, BTC buying by DATs has hit near year-to-date lows, and it’s not making a comeback-even when the sun’s shining on ‘green days,’” Duong remarked on Sunday. You know, the good ol’ green days when everyone gets all hopeful, but nope, not even a flicker of excitement from the big players. They’re just sitting on the sidelines like it’s a boring Wednesday afternoon.
The hesitation to buy signals a shift in the crypto sector’s confidence level. And when I say shift, I mean a serious wobble. Bitcoin’s value, along with the holdings of many crypto treasury companies, have started sliding back toward the value of the assets themselves. Meanwhile, their stock prices? Yeah, they’ve cooled off faster than your grandma’s apple pie on a winter day.
Speaking of Bitcoin, here’s the kicker: it fell a cool 9% from October 10 to October 11, dropping from around $121,500 to under $110,500. Don’t worry though, it’s back up to $114,250, barely making a dent in the market’s chill. But who’s counting? It’s like a kid getting the wind knocked out of them only to stand up and try to act like nothing happened. Classic crypto, right?
BitMine Is Still Buying
Now here’s the plot twist: one company, BitMine Immersion Technologies, is still going strong. While the big boys are on their “vacation,” BitMine has been consistently pulling the trigger on Ether (ETH) purchases. Over $1.9 billion since October 10, buying up nearly 483,000 ETH. That’s like finding the only person at a party still dancing after everyone else has left. They’re buying, and they’re buying big.
But hold on-don’t pop the champagne just yet. While BitMine’s buying spree has kept things afloat, there’s a caveat. If they slow down or-gasp-stop altogether, we might just witness the corporate buying party fizzle out. A bit like the last slice of pizza at a family gathering: everyone stares at it, but no one’s brave enough to take the last bite. What a metaphor, huh?
Duong has a word of warning: “The market is looking a little too fragile for comfort when the heavy hitters are sitting it out.” It’s like watching the sports star on the sidelines during the big game. Yeah, it’s fun for a while, but after a while, it gets… awkward. So, buckle up. It looks like we’re in for a bumpy ride, especially when the biggest players don’t want to touch the ball.
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2025-10-28 04:57