Monthly inflows into digital asset treasury (DAT) companies fell to $180 million in May, the lowest level since October 2024, according to DefiLlama data.
The May total was down 95% from April’s $4.4 billion and about 93% below the monthly average for January through May. The drop followed two strong months for DAT inflows, with data showing $4.2 billion in March and $4.4 billion in April.
Bitcoin treasury companies accounted for nearly all of May’s DAT inflows, with $177 million (about 98%) of the monthly total. However, Bitcoin inflows were also down sharply from their $3.8 billion recorded in April.
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Non-Bitcoin treasury assets made only a marginal contribution to May inflows in DefiLlama’s monthly asset breakdown. Smaller inflows came from ZCash, Story and Sui, while Litecoin recorded a $1.89 million outflow.
The slowdown adds to signs that investors are reassessing passive crypto treasury models as exchange-traded funds (ETFs), net asset value compression and pressure
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