According to @EmberCN, citing CoinGlass’s 2025 crypto derivatives market annual report, public DAT companies’ BTC holdings trended upward nearly monotonically through 2025, rising from roughly 600,000 BTC at the start of the year, based on CoinGlass data. According to @EmberCN’s summary of CoinGlass’s dataset, the author characterizes 2025 as the DAT year, reflecting the sustained increase in reported holdings by these entities as recorded by CoinGlass.