BiyaPay analysts report that the Digital Asset Treasury (DAT) sector has raised over $20 billion this year but is now facing pronounced liquidity pressure, premium compression and valuations slipping below net asset value. These dynamics are driving intensified competition and a wave of M&A consolidation across the industry.
Analysts caution that the financing peak and expanding net-asset discounts create potential crypto market stress: firms holding sizable crypto inventories may be compelled to liquidate, which could amplify downward pressure on Bitcoin and increase market volatility. This vulnerability contrasts with strength in U.S. equities and ongoing fund migration.
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