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Bitcoin fell below $60,000 this week for the first time since October, and the $62 billion erasure in Digital Asset Treasury market caps isn't just a number — it's the flywheel breaking in reverse. DATs were built on a self-reinforcing loop: issue equity at a premium to NAV, buy Bitcoin, watch NAV rise, repeat. When Strategy made its first Bitcoin sale since 2022, it didn't just add sell pressure — it destroyed the market's assumption that DATs were permanent buyers, collapsing the premium that made the whole machine work, and leaving smaller DATs holding debt they now have to service by selling the asset that's already falling.