The sell-off has been amplified by macro pressures. Large funds have rotated into gold, healthcare, and defensive equities as year-end positioning favors lower-risk assets.
U.S. investors have been consistent net sellers of Bitcoin in November, with ETF flows turning negative for three consecutive weeks.
The Coinbase Premium Gap briefly fell to -$90, indicating strong domestic selling pressure.
For DATs, the next phase depends on whether the downturn deepens. Continued declines could trigger more corporate selling, especially among firms whose stock prices now trade below the value of their crypto holdings.
However, a sharp rebound could draw fresh entrants back into treasury accumulation, repeating the cycle that helped fuel the sector’s rise earlier this year.
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