BTC has plummeted from $126,000 to $90,000, a nearly 30% decline.

Market sentiment? Describing it as "grim" might even be too mild. Liquidity is like a drained reservoir, and the pressure from deleveraging is suffocating. Just look at Coinglass's data to see how fierce the liquidation wave was in Q4 — a large number of positions were directly wiped out.

But strangely, there is some good news brewing on the other side: the US SEC is preparing a new "Innovation Exemption" regulation, signals of a rate cut from the Federal Reserve are growing louder, and global institutional entry channels are opening wider.

This creates a torn situation: currently bleak, but the future might be very promising.

So the question is — where is the ammunition for the next wave of market movement?

**Retail investors have run out of bullets**

Let's talk about a story that's breaking down: Digital Asset Treasury Company (DAT).

What is this? Simply put: a listed company raises funds by issuing stocks and bonds, then uses the money to buy assets (BTC or certain altcoins), and earns profits through collateralization and lending operations.

The core logic is the "capital flywheel effect" — as long as the company's stock price can stay above the net asset value (NAV) of its holdings, it can sell stocks at high prices and buy coins at low prices, snowballing the capital scale.

It sounds dreamy, right? But there's a fatal prerequisite: the stock price must always stay at a premium.

Once the market shifts into risk-off mode, especially during a big drop in BTC, this high beta premium will evaporate instantly, or even turn into a discount.