James Seifert

Yeah, so I absolutely think this is still hangovers a little bit from that October 10th sellout that you just mentioned.

There's no way to know for sure it's institutional or retail, but there's some big sellers out there.

And what I would say is the ETFs have mostly held strong.

A lot of people like to look at the ETFs and they think like, oh, they're causing this problem or they're they're they're exacerbating things.

But really, they're just a piece of the pie.

And right now, like I said, it's only about five point three billion that have come out of ETFs, the U.S.

spot products.

So for most of this is happening actually to the coins directly.

Yeah, so I absolutely do think that the DATs are exacerbating things here.

So, right, I think they were a bit of a flywheel on the way up, right?

They were trading at a bit of a premium.

They were issuing stock to buy the underlying currencies.

They were issuing debt, preferred stock, convertible debt to buy the underlying currencies.

And when they're trading at a premium, that's spinning in one direction.

Right now, things are spinning the opposite direction.

There are some DATs out there that are selling underlying assets.

We know some Ethereum ones and things along those lines.

So I think this is... And then also, there's a lot of traders out there that are doing things where they're hedging the underlying asset and hedging against the actual DAT companies themselves.

So that whole interaction is definitely kind of spinning the opposite direction of the way it's been spinning for the last few months.

And then also, there's a lot of concerns about quantum computing.