Crypto Winter Thaws: Why Bitcoin & Ethereum Are Primed for Treasury Resurgence

Market turbulence creates diamond-handed opportunities as institutional players recalibrate digital asset strategies.

The Great Rebalancing

Corporate treasuries aren't abandoning crypto—they're strategically repositioning during this consolidation phase. Temporary price dips historically precede massive institutional accumulation cycles.

Bitcoin's Built-in Bounce

Network fundamentals strengthen while weak hands exit. Hash rates hit new highs, transaction volumes stabilize, and the upcoming halving event looms as the ultimate supply shock catalyst.

Ethereum's Merge Momentum

Post-upgrade efficiency transforms ETH from speculative asset to productive infrastructure. Staking yields outperform traditional fixed income while deflationary mechanics silently accumulate value.

Wall Street's favorite game—panic selling during retail capitulation while quietly accumulating positions through dark pools. The smart money knows digital scarcity only becomes more valuable over time, regardless of quarterly earnings reports or Fed meeting minutes.

TLDR

• Bitcoin and Ethereum treasuries have shown minimal activity since the October 10 crypto crash.
• Large institutional players have been largely absent from the market, which has contributed to market fragility.
• Coinbase’s David Duong noted that Bitcoin buying by DATs has dropped to near year-to-date lows.
• Ethereum-focused DATs have been the only consistent buyers, primarily driven by Bitmine (BMNR).
• If Bitmine slows down or stops its purchases, Ethereum’s market support could quickly fade.

Since the October 10 crypto crash, digital asset treasury companies (DATs) have shown little activity in the Bitcoin market. Large institutional players have been notably absent from the market, which has contributed to its fragility. David Duong, Coinbase’s Head of Institutional Research, commented on this lack of participation. He pointed out that even during brief market recoveries, DATs have not re-engaged with the same intensity.

Duong noted that Bitcoin buying by these companies has fallen to near year-to-date lows. This shift could indicate a lack of confidence among large institutional investors. These investors typically provide strong support during periods of market confidence. “The only consistent buying activity has come from Ethereum-focused DATs,” Duong said. However, he emphasized that even ethereum purchases have been narrowly driven by a single player, Bitmain (BMNR).

Where are the DATs? BTC digital asset treasury companies (DATs) have largely ghosted the post-Oct 10 drawdown and are yet to re-engage. Over the last two weeks, BTC buying by DATs fell to NEAR year-to-date lows and has not meaningfully recovered, even on green days. A short 🧵👇… pic.twitter.com/uscTvUSOTu

— David Duong🛡️ (@Dav1dDuong) October 25, 2025

According to Coinbase, if BMNR slows down its purchases, the corporate bid for Ethereum may quickly diminish. The overall market activity following the crypto crash has been cautious. Duong believes that the lack of significant participation from Bitcoin DATs points to a fragile market. He emphasized that this leaves the market vulnerable at current support levels.

Ethereum’s Buying Activity Concentrated in One Player Post-Crash

Ethereum-focused DATs have become the primary source of buying activity since the crypto crash. Despite some demand from other funds, most of the purchasing has come from Bitmine (BMNR). Duong stated that the presence of a single player in the market could quickly reverse any positive momentum. If BMNR reduces or halts its Ethereum purchases, it could lead to a sharp decline in market activity.

Duong’s comments reflect a broader trend seen in Ethereum treasuries following the crash. Ethereum-focused DATs have not seen wide participation from large institutional investors. This concentration of buying power has raised concerns about the sustainability of the current market level.

As the crypto market shows signs of instability, the continued activity of Bitmine remains a key focus. Coinbase analysts have warned that any change in BMNR’s purchasing habits could have a significant impact on Ethereum prices. The lack of broader institutional buying in Ethereum, combined with limited Bitcoin purchases, has left the market in a precarious state.

Bitcoin Purchases by Michael Saylor’s Strategy Slow After Crypto Crash

Michael Saylor’s company, Strategy, had been one of the largest bitcoin buyers prior to the recent crypto crash. At its peak in 2024, Strategy bought more than 10,000 BTC weekly. However, the pace of purchases has slowed dramatically since then. Crypto analyst Maartunn noted that the firm is now buying only about 200 BTC per week.

Despite this slowdown, Maartunn emphasized that Strategy’s long-term conviction in Bitcoin remains unchanged. He added that the firm’s ability to sustain large-scale purchases has diminished due to the ongoing market conditions. This shift in buying strategy reflects broader caution among institutional investors following the crypto crash.

Maartunn also pointed out that while Strategy is no longer making aggressive Bitcoin purchases, the firm is still adding to its holdings. The company spent $43.4 million to acquire 390 BTC this week, further illustrating its ongoing commitment to Bitcoin. However, the reduced scale of purchases highlights the caution surrounding large-scale Bitcoin investments following the crash.

Prenetics and American Bitcoin Corp. Continue to Expand Their Crypto Holdings

In contrast to Bitcoin and Ethereum’s more subdued treasuries, other companies are increasing their crypto holdings. Prenetics Global, a Nasdaq-listed health tech company, recently raised $48 million to expand its Bitcoin treasury reserves. The offering was oversubscribed, indicating strong interest from crypto-focused investors. The funds will also help Prenetics scale up its IM8 supplement brand.

Prenetics revealed that the equity raise attracted investments from Kraken, Exodus, and other crypto entities. The company may receive up to $216 million if all associated warrants are exercised. Investors, including tennis star Aryna Sabalenka and Hong Kong’s Adrian Cheng, deepened their involvement in Prenetics during the offering.

Meanwhile, American Bitcoin Corp., founded by Eric and Donald TRUMP Jr., has also increased its holdings of Bitcoin. The company acquired 1,414 BTC, worth over $160 million, on October 24. This purchase brings its total Bitcoin holdings to 3,865 BTC, valued at nearly $450 million. American Bitcoin Corp. has now joined the ranks of the top 26 public Bitcoin holders.