According to @MilkRoadDaily, short interest has surged in Ethereum treasury DAT tickers to 112% for $BMNR and 30% for $SBET, with the source stating that traders are betting against these DATs (source: @MilkRoadDaily on X, Sep 27, 2025). For trading, elevated short interest is associated with higher volatility and potential short-squeeze dynamics; active traders commonly track borrow fees, utilization, and days-to-cover before entering positions (sources: FINRA Investor Insights on short selling; S3 Partners research on borrow costs). As these tickers are linked by the source to Ethereum treasury companies, positioning may be interpreted by some participants as cautious sentiment toward ETH-adjacent treasury exposure, influencing hedging and risk appetite around ETH-linked assets (source: @MilkRoadDaily).

According to Milk Road (@MilkRoadDaily), spot crypto trading is coming to U.S. stock exchanges and is a net positive for Coinbase because TradFi rails will onboard new users while Coinbase and treasuries like $SBET sell them the rest of the crypto stack; source: Milk Road (@MilkRoadDaily), mrcrypto.milkroad.com/p/should-coinbase-be-worried-about-this.