Good Morning and Happy Monday from Cumberland APAC!

ETH has had a slight retracement since it nearly touched its all-time high late last week, but it still sits up over 80% since the start of July, driven by demand from digital asset treasuries (DATs). Last week, ETH DATs accounted for $44b of volume, a level of activity unseen since the period between Nov and Dec, when BTC DATs traded in the $50-$65b per week range. While ETH is still the asset primarily driving the DAT narrative and the market moves, it’s an appropriate time to look at some of the knock-on effects of this capital movement.

First, other assets that might end up with viable DATs. It is inevitable that there will be DATs for dozens, if not more, of different altcoins,...