Despite persistent volatility throughout the year, capital largely remained in the market. This behavior suggests a more cautious but durable investment approach, shifting expectations away from sharp rallies toward a scenario of gradual and sustained participation.

More Than Half of 2025 Inflows Came From DATs

Analysts estimate that around $68 billion of total digital asset inflows in 2025 originated from Digital Asset Treasuries (DATs). Of this amount, approximately $23 billion was attributed to Strategy, closely mirroring the company’s $22 billion Bitcoin purchase in 2024.

The more notable shift, however, occurred outside Strategy. Other corporate treasuries collectively acquired about $45 billion in digital assets during 2025, a sharp increase compared with $8 billion the previous year. The data highlights a broader expansion in the number of balance-sheet-driven participants entering the market.

Buying Slowed, But No Clear Exit Signal

Most DAT-related purchases were concentrated in the early part of the year. Since October, crypto acquisitions through this channel — including those by major players such as Strategy and BitMine — have slowed considerably.

Analysts do not view this slowdown as a clear risk-off move. In recent commentary, they noted signs that risk aversion in crypto markets has eased, with ETF flows and other indicators beginning to stabilize.

The prevailing view at JPMorgan is that capital brought forward in 2025 has not exited the market. Instead, new allocations appear to be more selective and spread over time, suggesting a transition into a more measured phase rather than a reversal.

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