Bitcoin DATs Capitulate—Could This Rare Signal Mark A Bottom?

Data shows the Bitcoin treasury companies have shown an inflection recently, something that has turned out to be bullish in the past.

In a new post on X, Capriole Investments founder Charles Edwards has talked about the latest trend in the buying participation of the Bitcoin 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. The most popular DAT strategy involves Bitcoin, the digital asset ranked largest by market cap.

The most prominent name in the space is Michael Saylor’s Strategy, which has been a relentless buyer of the cryptocurrency even as it has gone through a bearish transition since Q4 2025.

Unlike Strategy, though, the other DATs haven’t held the same amount of conviction in the asset. As the below chart shared by Edwards shows, the percentage of DAT firms participating in buying observed a decline as the bearish market shift occurred, with an especially sharp plunge coming in April.

It’s also visible in the chart, however, that since the drop to extreme lows in April, the metric has seen a quick bounce. This could potentially suggest that the DATs are at an inflection point.

The analyst has highlighted in the chart previous instances of this trend. “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. As such, it only remains to be seen whether things will work out similarly for Bitcoin or if the pattern will differ this time around.

In some other news, the recent Bitcoin price recovery has been driven by futures demand, as on-chain analytics firm CryptoQuant has explained in an X post.

As displayed in the above graph, the total Bitcoin demand has been rising recently, but the individual components have differed in trend. Spot demand has actually been contracting, meaning that derivatives demand has been the component driving the surge in the total demand.

The recovery rally back in January followed the same pattern before fizzling out. According to CryptoQuant, the same structure also appeared back in the 2022 bear market and preceded the next leg down for BTC. “It doesn’t guarantee the same outcome, but structurally, this is a bearish demand signal,” said the analytics firm.

Bitcoin has rebounded during the past day as its price has approached the $78,000 mark.