Is the DAT Meta Already Over? | MSTR, SBET & the MNav Collapse | Token Episode 66

Bitcoin treasuries were supposed to drive the next leg of the bull cycle.
But what if the DAT meta — MSTR, SBET, BMNR — is already running out of gas?

In this Token Narratives segment, @_dsencil and @graminitha1 break down:
– MSTR’s NAV compression (3.6x → 1.5x)
– Ethereum treasuries trading below NAV
– Why the buying pressure may have peaked
– Market reflexivity and overreaction
– What happens when the “fan” shuts off

📉 No new marginal buyer = no support.

#crypto #DAT #MSTR #SBET

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