Weekly DAT inflows are grinding toward yearly lows despite massive token discounts since the peak of buying pressure in July: BTC: –22% ETH: –16% SOL: –32% Even with these markdowns, however, total DAT demand reached just $245M last week and hasn’t broken $500M since the first week of October. For perspective, every single week from July 14th to October 14th cleared $1.3B in inflows, with peaks hitting $5.6B. The slowdown is now even more pronounced. October closed at $1.9B in total DAT inflows — the weakest month since October 2024 — and November is on pace for even less, at roughly $1B. Virtually all buying activity this month has been driven by @fundstrat + @BitMNR acquiring 192K ETH. Most of the other funds have kept their heads down on the sidelines. Treasury management, or lack thereof, will be the curtain call for most of these DATs. Only the strong survive.