The DAT model is a leverage explosion waiting to happen. Today there's 200 Bitcoin treasuries. By the end of 1929 there were around 600 investment trusts. The trusts caused the 1930 crash. The trusts are the same as DATs, the only difference is instead of buying stocks, DATs buy Bitcoin. There is no sustainable business model for generating yield on a fixed supply asset, which incentivizes leverage when mNAVs collapse. How big can the DAT bubble grow? That's the million dollar question. The Trust bubble went for nearly a decade. Today Bitcoin treasuries hold 12% of all Bitcoin, the unwind will make Luna & FTX look like child's play.
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