According to @VanessaGrellet_, a key hidden risk in Digital Asset Treasuries is selling long-duration digital assets to finance short-term share buybacks, which she characterizes as a strategic failure rather than a timing mistake. Source: @VanessaGrellet_ on X, Nov 21, 2025. For trading impact, this view flags buybacks funded by treasury asset sales as red flags, prompting traders to scrutinize the funding source behind buyback announcements and assess potential sell pressure from treasury disposals. Source: @VanessaGrellet_ on X, Nov 21, 2025.

According to @QCPgroup on X (Nov 13, 2025), BTC is emerging as a core treasury asset as digital assets shift from speculation to strategy (source: @QCPgroup). @QCPgroup states that QCP Founder @dariussitzl outlines in The Digital Banker how Digital Asset Treasuries are reshaping institutional portfolio management, liquidity, and diversification, with the full article available at thedigitalbanker.com/the-future-of-bitcoin-treasury (source: @QCPgroup; The Digital Banker).

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).