This is very important for DAT investors, Strategy's (MSTR) in particular. MSTR funds its Bitcoin purchases primarily through convertible debt and equity offerings. High volatility increases the value of the embedded call options in these convertibles, providing cheap leverage to buy more BTC. Volatility declining makes these options less valuable, forcing MSTR to offer less favorable terms, which hampers its ability to scale Bitcoin holdings. The era of MSTR carrying BTC higher is thus over. Other players have to take its place. This is a period of transition.(Alex Krüger)