Odaily reported that CryptoQuant CEO Ki Young Ju stated that despite a $308 billion inflow in 2025, it failed to increase the market capitalization, rendering the DAT strategy ineffective, with BTC facing excessive selling pressure. (Cointelegraph)
Odaily News Bitwise CIO Matt Hougan published a lengthy post on the X platform, stating that the market has been in a crypto winter since January 2025, and it may be nearing its end. Bitcoin has fallen 39% from its all-time high in October 2025, and Ethereum has fallen 53%. This is a full-blown crypto winter triggered by factors such as excessive leverage and OG profit-taking. Crypto winters typically last about 13 months. For example, Bitcoin peaked in December 2017 and bottomed in December 2018; subsequently, it peaked again in October 2021 and bottomed in November 2022.
He believes the current "winter" began in January 2025, but this fact was masked by inflows into ETFs and Digital Asset Treasuries (DATs). He categorized assets into three groups for analysis:
1. The first group (BTC, ETH, XRP), which received significant ETF/DAT support, fell only 10.3% to 19.9%.
2. The second group (SOL, LTC, LINK), which had ETFs approved during 2025, fell 36.9% to 46.2%.
3. The third group (ADA, AVAX, SUI, DOT), which did not receive ETF support, fell 61.9% to 74.7%.
Data shows that during this period, ETFs and DATs collectively purchased 744,417 bitcoins, worth approximately $75 billion. Without the support of these funds, the retail market has been in a brutal winter since January 2025.
Finally, he stated that positive news is ignored in a bear market but is stored as potential energy. When market sentiment normalizes, this energy may be released powerfully, and a strong market rebound is expected soon. Subsequent positive catalysts depend on strong economic growth triggering a risk-on rally, the benefits of the CLARITY Act, sovereign adoption of Bitcoin, or simply the passage of time.
Odaily News: Pharos, a Layer 1 public chain project building inclusive RealFi, announced a strategic partnership with GCL New Energy (00451.HK). Pharos will subscribe to 186.5 million new shares issued by GCL New Energy by providing future equity and token subscription rights, with a total value of nearly HKD 193 million. Pharos will grant GCL New Energy future equity rights to acquire Pharos shares under specific conditions, as well as the right to purchase digital tokens issued by Pharos at an agreed price.
It is reported that Pharos is a Layer 1 public chain company building inclusive RealFi. This collaboration will leverage Pharos's Data Asset Token (DAT) framework to transform real-world energy data into standardized financial assets on the blockchain, exploring the application of Web3 technology in the new energy sector.
Odaily News Upexi Chief Strategy Officer Rudick stated that Digital Asset Trusts (DATs) may attempt to create value by generating returns, developing new revenue streams, and pursuing selective mergers and acquisitions, but he does not anticipate widespread consolidation.
"I don't expect a significant amount of M&A among DATs because sellers lack the incentive to sell below 1.0x mNAV (multiple of net asset value), as they can sell the assets at par in the market," Rudick said. "At the same time, buyers lack the rationale to acquire a DAT above 1.0x mNAV, as they can simply purchase those assets directly in the market."
Odaily Planet Daily reports that Nasdaq-listed iPower has announced a $30 million convertible note financing agreement to launch its Digital Asset Treasury (DAT) strategy. The company disclosed that the initial $9 million of this financing will be used, with $4.4 million intended for purchasing Bitcoin and Ethereum. The remaining funds will be used to increase working capital and bolster the balance sheet. 80% of subsequent funds will be used for continued acquisitions of digital assets. (Globenewswire)
