Despite stagnant cryptocurrency prices, institutional DAT inflows surge 92% in two months.

As cryptocurrency prices weaken, inflows into institutional digital asset treasuries (DAT) have increased by over 90% in two months.

According to cryptocurrency data provider DeFirama, as of 4:00 PM on the 28th, asset inflows into DAT increased for two consecutive months in November and December, following a year-to-date low in October. DAT inflows in October amounted to $1.998 billion, the lowest level this year.



However, inflows rebounded in November. DAT inflows reached $2.395 billion in November, up approximately 20% from the previous month, and expanded to $3.83 billion in December. Compared to October, this represents a roughly 92% increase in just two months.

DAT refers to a method in which companies or institutions hold cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) not for short-term trading purposes but as a financial strategy. This approach incorporates cryptocurrencies as strategic assets, managing both corporate value and financial structure. Consequently, cryptocurrency price fluctuations also impact the stock prices of companies adopting the DAT strategy.

Strategy, a leading example of the Bitcoin DAT strategy, has seen its stock price drop 58.63% over the past six months amid the recent BTC price decline. Despite this, Strategy continues to purchase BTC. This month, it purchased an additional 16,240 BTC, increasing its holdings to over 670,000. Metaplanet, a Japanese listed company, also announced plans to purchase additional BTC, aiming to secure 210,000 BTC by 2027. Despite the volatility of cryptocurrency prices, companies continue to prioritize their DAT strategies.

A similar trend is evident in on-chain metrics. According to on-chain analytics firm CoinGlass, BTC holdings on exchanges have been declining since peaking at approximately 2.98 million in April. As of mid-November, they had fallen to approximately 2.54 million. This represents a net outflow of approximately 430,000, representing a decline of approximately 15% from the peak. This indicates that cryptocurrency volumes are moving from exchanges to self-custody addresses. This suggests that liquidity within exchanges for short-term trading is decreasing, and the trading demand structure is shifting toward low-turnover, long-term holdings.

Coinglass analyzed in a recent report that, "Despite a significant reduction in the premium for DAT-related stocks, BTC holdings in listed DAT companies continue to increase without a change in direction." The report also assessed that DAT is shifting away from short-term thematic buying to a structure that operates on the premise of long-term holding within corporate governance, accounting standards, and disclosure systems. Coinglass added that, "As we approach 2026, the volatility test for DAT companies is only just beginning."

Reporter Do Ye-ri