Frightening stat🚨: ALL the DATs are underwater, except Strategy. Cumulatively, DATs are down $6.2B at the of January. This might change very soon as Strategy's average Bitcoin cost is around ~$76k, just 2.6% away from current price. These are BILLIONs in unrealized losses for institutions and public companies. Institutional buying used to be a bull case because it locked up supply. Today, those same holdings represent a structural risk as billions in unrealized losses loom over the market.