According to @camillionaire_m, the DAT category is only about six months old and ranges from institutional vehicles designed to unlock sovereign, pension, and endowment capital to extensions of crypto speculation games, making broad generalizations unhelpful for trading decisions, source: @camillionaire_m on X, Nov 11, 2025. According to @camillionaire_m, key differentiators traders must scrutinize include the underlying asset and macro view; the go-to-market and public structure such as reverse shell company merger or SEC-approved de-novo SPAC; the asset management plan spanning yield and compounding focus, venture bets, or infrastructure and tech building; operational efficiency including outsourced asset management fees, validator performance, and team size; the quality of structured products and debt instruments where converts, ATMs, and warrants can be predatory and dilutive or smart capital markets tools; and the professionalism of the team with real blockchain and finance operators versus CEO-for-hire setups, source: @camillionaire_m on X, Nov 11, 2025. According to @camillionaire_m, these factors create material differences across DATs in capital access, dilution risk, validator performance, and execution quality, so traders should avoid lumping all DATs together when pricing risk, source: @camillionaire_m on X, Nov 11, 2025. According to @camillionaire_m, these remarks were shared at SALT London while representing The Ether Machine, source: @camillionaire_m on X, Nov 11, 2025.