According to DefiLlama, monthly investment inflows into Digital Asset Treasury (DAT) companies dropped to $180 million in May. This figure is the lowest since October 2024 and represents a 95% decline from the $4.4 billion recorded in April. Furthermore, the May inflow was 93% lower than the average monthly figure for the January-May period. This is reported by Cointelegraph.com .
Approximately 98% of the total May inflow, or $177 million, went to Bitcoin treasury companies. Despite this, Bitcoin inflows also fell sharply compared to the $3.8 billion in April. Among other assets, small amounts were invested in projects like ZCash, Story, and Sui, while $1.89 million was withdrawn from the Litecoin network.
Analysts believe this decline indicates a shift in investor sentiment toward passive crypto treasury models. The emergence of spot ETFs and pressure to increase yields are reducing the attractiveness of companies that simply hold tokens. Galaxy Digital experts state that the "buy and hold" era for DATs has ended.
Treasury firms are now forced to actively utilize their assets through staking, validator infrastructure, or decentralized finance (DeFi) strategies. For example, according to an Everstake report, an average of 60% of the revenue of six major treasury firms was generated through staking. According to Mercuryo representative Arthur Firstov, attributing these market changes solely to ETFs would be an oversimplification of market dynamics.
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