Data compiled by Woofun AI shows that the 30-day moving average of total trading volume for BTC treasury companies has retreated from $34.2 billion per day in December 2025 to $17.4 billion per day currently. This represents a 49% contraction over a six-month period, indicating a substantial cooling in market activity.

Glassnode highlights a strong correlation between speculative interest in DAT stocks and BTC prices. As spot prices experience pullbacks, the appetite for acquiring leveraged Bitcoin exposure through listed treasury tools has diminished, causing trading activity to halve from its peak levels.