Crypto Market Melts Down – Yet One DAT Is Still in Profit as BTC, ETH, and SOL Treasuries Diverge Sharply
The crypto market suffered a extreme pullback this week, wiping practically $100 billion from world capitalization in 24 hours and sending digital-asset treasury corporations (DATs) deep into the purple.
Bitcoin traded round $82,864 after a risky session, falling as a lot as 10% in 24 hours as broader market worry deepens.
Ethereum hovered close to $2,683 after slipping to a four-month low, whereas Solana steadied at $124.57, falling by 10% in the final 24 hours and 31% in the final 30 days.
The complete crypto market capitalization stands at $2.92 trillion, and, according to CoinGlass information, greater than 416,000 merchants closed their positions over the previous 24 hours, which noticed greater than $2.24 billion liquidated from the general crypto market.
The market downturn is starting to point out sharply contained in the books of main digital asset treasuries (DATs), with solely a handful nonetheless in constructive territory.
Bitcoin DATs Bleed Red—But the Biggest Holder Still Sits on $6.1B in Unrealized Gains
Strategy stays the standout. The agency holds 649,870 BTC, acquired at a median of $74,433, leaving it with greater than $6.15 billion in unrealized positive factors even after Bitcoin’s decline.
Most different massive holders are below stress. Marathon Holdings’ 53,250 BTC place is down 23.7% over the previous three months, whereas Metaplanet’s 30,823 BTC now sit practically $774 million under price.
With shares buying and selling at reductions to their underlying Bitcoin, a number of corporations have turned to buybacks.
Metaplanet launched a $500 million program in late October. Strive permitted a $500 million repurchase, and Block authorized $5 billion in new buybacks on November 19.
Steeper Losses for ETH Treasuries—Here’s How the Major ETH DATs Are Faring
Losses are even deeper amongst ETH-heavy company treasuries. Bitmine holds 3,559,879 ETH value $9.75 billion and is now sitting on a $4.52 billion unrealized loss (-31.67%).
SharpLink has seen its $2.33 billion treasury fall 27.4% in three months. The agency holds 859,853 ETH, valued at $2.33 billion, leaving a $773.9 million unrealized loss (-24.9%).
Also, Bit Digital, with its $416.7 million treasury, is down 24.7%. It holds 153,546 ETH, posting a $51.4 million loss (-11%).
ETHZilla just lately offered $40 million in ETH to help a $250 million buyback. Data from Capriole Investments shows that these corporations have seen damaging returns of 25% to 48% on their ETH holdings. The high 10 DATs are in the purple in the weekly and each day time frames.
Solana and Other Altcoin DATs Also Feel the Pressure as Market Volatility Deepens
Solana-focused corporations are additionally break up. Forward Industries, holding 6.83 million SOL at a median price of $232 per SOL, is down 44.8%, whereas Upexi faces a 17% loss.
In distinction, DeFi Development Corp. stays in revenue, with 2.19 million SOL valued at $275.23 million, producing a 16.3% unrealized return.
Amid falling fairness costs, Solana treasuries have additionally turned to buybacks. Forward Industries approved a $1 billion plan on November 3, whereas Upexi authorized a $50 million share repurchase program on November 13.
Forward Industries — the Solana treasury firm — has filed its Resale Prospectus Supplement with the @SECGov and approved a $1B share repurchase program.#Solana $FORD https://t.co/kpG7BxEeb8
— Cryptonews.com (@cryptonews) November 4, 2025
Broader treasury books present comparable pressure. Galaxy Digital is carrying $660.7 million in unrealized losses, together with $561.5 million on BTC. CEA Industries is down 4.7% on BNB, whereas Nano Labs stays up 104%.
Across the sector, mNAV ratios have slipped under 1, indicating that many DATs now commerce at a slight low cost to the worth of their underlying belongings.
DATs at a Crossroads: More Liquidations Ahead or a Bounce Back into Accumulation?
Analysts and merchants are warning that treasury corporations might develop into compelled sellers. Several DATs have already begun liquidating belongings. FG Nexus sold 21% of its ETH holdings this week, whereas Nakamoto dumped 367 BTC.
Market commentators describe a rising danger that corporations holding crypto far above present costs might promote to lift money and stabilize share costs.
The sell-off has been amplified by macro pressures. Large funds have rotated into gold, healthcare, and defensive equities as year-end positioning favors lower-risk belongings.
U.S. traders have been constant internet sellers of Bitcoin in November, with ETF flows turning damaging for 3 consecutive weeks.
The Coinbase Premium Gap briefly fell to -$90, indicating robust home promoting stress.
For DATs, the subsequent section is determined by whether or not the downturn deepens. Continued declines might set off extra company promoting, particularly amongst corporations whose inventory costs now commerce under the worth of their crypto holdings.
However, a pointy rebound might draw recent entrants again into treasury accumulation, repeating the cycle that helped gasoline the sector’s rise earlier this 12 months.
The submit Crypto Market Melts Down – Yet One DAT Is Still in Profit as BTC, ETH, and SOL Treasuries Diverge Sharply appeared first on Cryptonews.
