Well, well, well… looks like the Digital Asset Treasury (DAT) firms have gone poof since the market crash on October 10. And guess who’s noticing? David Duong, Head of Coinbase Research, who decided to remind us that Bitcoin‘s gone ghost while Ethereum‘s living its best life. 🎉
On Tuesday, Duong dropped the big question on his X account: “Where are the DATs?” Spoiler alert: Most of the DAT purchases lately? They’ve all been in Ethereum (ETH), much to the disappointment of poor Bitcoin, which has taken a nosedive in purchases, hitting its lowest point of the year. Ouch.
Bitcoin DAT Buying? Yeah, It’s Practically Vanished 🧐
Duong pointed out that Bitcoin purchases by DAT firms have essentially disappeared since October 10. Imagine this: August and September were all about massive ETH buys-like everyone and their dog was buying. But now, ETH’s still going, but it’s down by over half. Could it be the market’s giving us a vibe check?
He’s all like, “Bitcoin DATs are usually the big spenders. They’re the ones swooping in with their deep pockets when they’re feeling confident.” But guess what? Their absence? It’s basically a red flag. If these big players aren’t buying, then who is? Oh, right-no one. Because DAT-led buying is like the ultimate market mood ring. And right now? It’s a little too calm for comfort. 😬
Ethereum’s Got All the Attention… From One Company 🏢
While Bitcoin’s throwing a tantrum in the corner, Ethereum’s still trying to keep it together, but here’s the twist: The buying is being done by, wait for it… ONE company. Bitmine Immersion Technologies (BMNR), the biggest ETH DAT firm, is responsible for almost all of it.
On Monday, BMNR got even greedier (because why not?) and picked up 77,055 ETH, which means they’re now holding over 3.31 million ETH. And by the way, that’s about 2.8% of the entire ETH supply. So yeah, they’re kinda making it rain, with assets and cash surpassing $14.2 billion. 💸
But here’s the twist: while ETH buying is still positive, it’s mostly because BMNR is the one pulling all the strings. If they stop or slow down? The entire market might just… freeze. Who knew one firm could have so much power? 😅
Duong Says, “Slow Your Roll” 🛑
Duong, ever the realist, says the absence of BTC buys by the big boys is all about caution after the October 10 crash. They’ve seen what happened with the leverage flush and are now waiting for the dust to settle-because let’s face it, nobody wants to be caught in another free fall.
“We think this warrants more cautious positioning in the short term, because the market appears more fragile when the biggest discretionary balance sheets are sidelined.”
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2025-10-28 13:55