DAT bitcoin buying collapses as Strategy dominates treasury demand
CryptoQuant data show DAT (digital-asset treasury) bitcoin buying has become highly concentrated in one company. Michael Saylor’s Strategy bought about 45,000 BTC in the past 30 days, its fastest pace since April 2025. In the same period, every other treasury firm combined bought only around 1,000 BTC.
As a result, Strategy’s share of total DAT bitcoin buying jumped to about 76% of all treasury-held BTC. Meanwhile, other treasury buyers’ contribution fell to roughly 2%, down from about 95% at the peak of the model.
The shift is tied to price drawdowns. After BTC traded above $110,000 in mid-2025, it slid to under $70,000 today, leaving aggressive treasury buyers underwater and stalling the broader corporate-buying “flywheel.” Galaxy Digital previously argued the DAT model behaves like a liquidity derivative that depends on equity trading at a premium to underlying BTC holdings; when premiums compress, issuance becomes dilutive rather than accretive. That reversal appears to have played out.
Strategy is the exception. It disclosed a $1.44B cash reserve (targeting up to 24 months of dividend and interest obligations) and continues accumulating. But CryptoQuant’s numbers indicate that no other firm can match Strategy’s pace, increasing concentration risk for a trade that was marketed as expanding institutional BTC ownership.
Key takeaway for traders: DAT bitcoin buying is no longer broad-based support—it now hinges on one balance sheet, which may raise both liquidity and sentiment swings if Strategy’s financing or risk posture changes.
Bearish
DAT bitcoin buying 的“分散式机构需求”叙事在下跌行情中被证伪：BTC从11万美元以上回落到7万美元附近后，多数金库公司出现深度浮亏并基本停手，而Strategy仍在持续买入。这意味着边际买盘不再来自多家机构的稳定合力，而是集中到单一主体。
交易含义偏空：
1) 短期：当价格波动加大时，集中需求更容易被单一公司情绪、资金储备或资本市场条件影响，支撑强度可能更不稳定。
2) 中期/长期：Galaxy Digital提出的“溢价压缩—发行稀释反转”机制会让更多DAT玩家难以延续当初的加仓节奏，整体企业买盘模式或继续收缩。
类似历史情形是：当某一类机构或产品从“多来源流入”变为“单点依赖”时，市场在下跌或流动性收缩期往往更容易出现趋势放大（要么快速跟随下行、要么在单一主体动作带来突发反弹）。因此，整体更偏向风险提示而非持续看涨信号。