The Bitcoin Digital Asset Treasury (DAT) trade is increasingly concentrated in Michael Saylor's Strategy, which accounts for nearly all recent BTC treasury purchases. Data from CryptoQuant shows other firms' share in these purchases dropped significantly from 95% to about 2%. This indicates a notable shift where a single strategy drives the majority of new Bitcoin treasury acquisitions, while broader institutional demand appears to be diminishing elsewhere. The development highlights a consolidation of corporate Bitcoin accumulation efforts.

The Bitcoin Digital Asset Treasury (DAT) trade is increasingly concentrated in Michael Saylor's Strategy, which accounts for nearly all recent BTC treasury purchases. Data from CryptoQuant shows other firms' share in these purchases dropped significantly from 95% to about 2%. This indicates a notable shift where a single strategy drives the majority of new Bitcoin treasury acquisitions, while broader institutional demand appears to be diminishing elsewhere. The development highlights a consolidation of corporate Bitcoin accumulation efforts.