According to @VanessaGrellet_, liquidity in crypto is harmed by fragmentation across providers, while consolidation leads to stronger outcomes for market depth and execution conditions. According to @VanessaGrellet_, Digital Asset Treasury (DAT) companies are emerging as the next institutional layer of crypto markets, signaling a structural shift in how liquidity and treasury operations are organized.

According to the source, Standard Chartered said digital asset treasuries will drive market differentiation following recent mNAV collapses, source: Standard Chartered via the source. According to the source, Standard Chartered added that DATs benefit ETH more than BTC or SOL, source: Standard Chartered via the source. According to the source, Standard Chartered's view positions ETH as the relative winner in treasury allocation flows versus BTC and SOL, source: Standard Chartered via the source.

According to @MilkRoadDaily, ETH ETFs attracted $5B of inflows in July, nearly matching BTC for the first time, highlighting accelerating institutional demand via digital asset treasuries buying billions in ETH; traders should watch ETF net flows as a near-term liquidity driver for ETH. Source: @MilkRoadDaily (X, Aug 12, 2025). According to @MilkRoadDaily, Electric Capital co-founder Avichal characterizes this setup as a potential "ETH 2019 BTC moment," signaling a possible cycle inflection that makes the ETH/BTC relative trend and sustained ETF subscriptions critical trading monitors. Source: @MilkRoadDaily (X, Aug 12, 2025).