The DAT Bubble Has Burst
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In this episode, I dissect the implosion of the Digital Asset Treasury (DAT) narrative — the rush by public companies, funds, and pseudo-institutions to stack crypto assets as balance-sheet exposure… without understanding the liquidity, volatility, or narrative risk behind it.
I connect this to Tom Lee’s previous bullish statements on ETH ($5K → $10K thesis) and how, ironically, the same institutions chasing yield on-chain may now be retreating just as the real cycle begins. The bubble wasn’t in the assets — it was in the misunderstanding of what ownership actually means.
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