Bitwise CIO: ETFs Are Not the Main Cause of DAT Premium Contraction; a New Bitcoin Bull Market Could Drive Premiums Back

Odaily reports: Bitwise Chief Investment Officer Matt Hougan stated that market trends, rather than the launch of Bitcoin ETFs, are the primary driver of the premium contraction in digital asset treasury (DAT) companies. He noted that he had previously held a bearish view on DATs, believing that aside from a few leading companies in niche sectors, such firms may have lost their room for growth. However, after studying the relevant data, he found that ETFs did not end the DAT premium as he had previously expected—market performance is the more important influencing factor. If Bitcoin enters a new bull market, valuation premiums for DAT companies could still re-emerge.