Coinbase’s Head of Institutional Research, David Duong, has observed a notable shift in the activity of Bitcoin digital asset treasury companies (DATs) since the October 10 market drawdown. He noted that these DATs have “largely ghosted,” showing little sign of re-engagement even during brief market recoveries.
### DATs Have Vanished?
Over the past two weeks, BTC buying by DATs has plummeted to near year-to-date lows. This decline could be attributed to limited confidence among large institutional players, who typically offer strong market support during periods of conviction. Duong explained that the only consistent buying activity since the correction has come from Ethereum-focused DATs. However, this demand is narrowly concentrated, primarily driven by a single player identified as Bitmine (BMNR), with smaller contributions from other funds.
Coinbase issued a warning: if BMNR slows or halts its purchases, the apparent corporate bid for ETH could quickly fade.
### Market Impact and Cautious Positions
Overall, Duong highlighted that the muted participation of BTC DATs coupled with the concentration of ETH buying has led to a cautious stance among major balance sheets following the recent leverage washout. This scenario has left the crypto market fragile at current support levels and suggests a need for more defensive short-term positioning.
### Strategy’s Slowing Bitcoin Accumulation
Crypto analyst Maartunn echoed similar concerns earlier this week. He pointed out that Michael Saylor-led Strategy’s once-aggressive Bitcoin accumulation has dramatically slowed in recent months. At its 2024 peak, the firm made headlines with billion-dollar allocations and weekly purchases exceeding 10,000 BTC. However, it briefly reduced its buying pace to just around 200 BTC per week.
Maartunn added that while Strategy’s long-term conviction in Bitcoin remains strong, its ability to sustain large-scale purchases has weakened. “Strategy is no longer buying big, but they’re still buying,” he noted. Supporting this, the company spent $43.4 million to acquire 390 BTC on Monday.
### New Corporate Moves in Crypto and Business Expansion
Meanwhile, another publicly traded company is making more assertive moves to expand both its crypto holdings and core business operations.
#### Prenetics Global’s Successful Equity Raise
Nasdaq-listed health tech firm Prenetics Global recently completed a $48 million equity raise that was oversubscribed. The capital raise aims to bolster its Bitcoin treasury reserves and scale up its IM8 supplement brand. The company revealed on Monday that the offering attracted strong interest from crypto-focused investors such as Kraken, Exodus, Jihan Wu’s GPTX, DL Holdings, and American Ventures.
Notable investors including tennis star Aryna Sabalenka and Hong Kong business magnate Adrian Cheng deepened their investments, while football legend David Beckham continues to hold shares. Prenetics also disclosed that it may receive up to approximately $216 million if all associated warrants are exercised.
#### American Bitcoin Corp. Expands Bitcoin Holdings
In a separate development, Nasdaq-listed American Bitcoin Corp., founded by Eric and Donald Trump Jr., has significantly expanded its Bitcoin holdings. The company recently acquired 1,414 BTC worth more than $160 million, bringing its total holdings to 3,865 BTC — valued at close to $450 million as of October 24.
These holdings stem from both mining operations and open-market purchases. According to data compiled by BitcoinTreasuries, this latest accumulation positions American Bitcoin among the top 26 public holders of the cryptocurrency, ranking just behind Gemini Space Station and ahead of OranjeBTC.
—
As institutional dynamics continue to evolve, these developments highlight a cautious yet strategic approach to cryptocurrency investments among major corporate players.
https://bitcoinethereumnews.com/bitcoin/coinbase-exec-says-big-bitcoin-buyers-have-ghosted-since-october-crash/?utm_source=rss&utm_medium=rss&utm_campaign=coinbase-exec-says-big-bitcoin-buyers-have-ghosted-since-october-crash