The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months. Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak. 📉 http://glassno.de/btc-dat-volume(glassnode)