Executives say the crypto treasury story is shifting from simple Bitcoin custody to more active use, with experts noting that ETFs offer low-cost exposure and pressure treasury firms while staking can boost revenue but can’t fix underlying balance-sheet weaknesses.

Inflows surged after the 2024 US elections, with DAT inflows exceeding $12 billion, but activity cooled through 2025 and remained below $10 billion per month until late summer, contributing to a broader slowdown.

The earlier surge followed the elections, when inflows topped $12 billion, yet activity cooled in 2025 and stayed under $10 billion a month until late summer before declining again.

DAT inflows surpassed $12 billion after the 2024 election, then cooled through 2025 and stayed below $10 billion per month until late summer, edging the market toward slower treasury activity.

Market dynamics have shifted from rapid growth to a scrutiny-heavy environment, with investors pressuring treasury firms that rely on token accumulation alone.

Overall, the easy-money phase in crypto treasury inflows is fading, with Bitcoin remaining dominant but growth slowing.

Bitcoin remains dominant in the sector, but the current data show the end of the easy-money era and a slowdown in inflows.

The takeaway is that the easy-money phase is diminishing, Bitcoin stays leading, yet sector momentum has cooled markedly.

Industry voices advocate moving away from passive buy-and-hold toward active deployment like staking, validator services, and DeFi lending to generate revenue.

Galaxy Digital argues the raise-and-hold era is over, urging treasury holders to deploy assets through staking and other active strategies rather than passive holding.

A broader shift toward active treasury use is seen as necessary to justify valuations and improve revenue through staking, DeFi, and similar approaches.

Everstake notes pressure on Ether treasuries to generate revenue via staking as spot ETFs erode the appeal of merely holding ETH.