i'm going to give you a different take on Tom Lee and Ethereum DATs in general: Tom's been around in financial markets for a while and knows that crypto is hyper volatile he bought a lot of ETH at local and near all-time highs because the market gave him the facility to do it at that time. if he wanted to that at the bottom, he likely couldn't have come close to acquiring the same amount of ETH supply. the way DATs work is that they get to buy MORE when the price of the underlying asset is going up (generally) a bunch of 2nd and 3rd tier DATs probably get blown out in a bear, but i have to think most of the bigger ones are quite prepared for a bear scenario they have no OPEX. a few salaries, and they can stake or use their ETH onchain activist shareholders could try to force them to sell, but don't be surprised when most of them don't most of the ETH DATs didn't get anywhere near the level of financial engineering seen in MSTR, for example there is no/minimal debt on the books. so i think the current bear porn but that these all need to unwind before we can go back up is pretty wrong tbh

Which is why DAT’s are a horrible model.