According to ChainCatcher, Bitwise Chief Investment Officer Matt Hougan stated that market performance, rather than bitcoin ETF launches, is the primary driver behind the premium compression in digital asset treasury (DAT) companies. Hougan previously held a bearish view on the sector, but after analyzing market data, he found that ETF products have not eliminated DAT premiums as initially expected. He noted that if bitcoin enters a new bull market cycle, valuation premiums for DAT companies could potentially re-emerge.

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