Recent data indicates that Bitcoin Treasury Companies have experienced a positive inflection.
Bitcoin’s Last Two Treasury Capitulation Inflections Have Led To A Bullish Trend
It’s a brand new world post Charles Edwards of Capriole Investments spoke on X about the latest trend for Bitcoin buyers. Digital Asset Treasuries (DATs).
A DAT is a company that holds a cryptocurrency on its balance sheet as a way to provide its investors with exposure to the asset’s price movements. Bitcoin is by far the most popular DAT.
The most prominent name in the space is Michael Saylor’s StrategyThe company has been an avid buyer of cryptocurrency since the fourth quarter 2025.
Unlike Strategy, though, the other DATs haven’t held the same amount of conviction in the asset. Edwards shared the chart above, which shows the decline in the DAT companies participating in the buying of assets as the bearish shift in the markets occurred. April saw a particularly sharp drop.
It’s also visible in the chart, however, that since the drop to extreme lows in April, the metric has seen a quick bounce. The DATs could possibly be at a critical inflection.
This trend has previously been observed by the analyst and is shown in the chart. “These inflections have been very bullish in the past,” noted Edwards. Though, while that has been true, the trend doesn’t have a large enough sample size yet. It remains to be determined whether Bitcoin will follow the same pattern or not.
The recent Bitcoin price rise has also been driven by futures CryptoQuant, a firm that provides on-chain analysis services, explained this in X post.
The graph above shows that the overall demand for Bitcoin has increased, while the trends of the components are different. In fact, spot demand has decreased. Derivatives have been driving up the overall demand.
Before fading out, the recovery rally in January also followed a similar pattern. CryptoQuant says that the same pattern appeared in the bear market of 2022 and led to the next decline for BTC. “It doesn’t guarantee the same outcome, but structurally, this is a bearish demand signal,”The firm said.
BTC price
Bitcoin is back on the rise, with its price approaching the $78,000 level.
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Source: www.newsbtc.com
