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Delphi Digital: Institutional encryption demand has decreased by 90% from the peak data of $5.5 billion in August, with capital in a wait-and-see state.

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Odaily News Recently, Delphi Digital published an article on the X platform stating that institutional encryption demand has significantly decreased, with traffic down 90% from the peak in August. The inflow of funds for DAT Treasury Company surged to $5.5 billion in August 2025 but has now fallen to less than $500 million per month. The capital flow in October is nearly invisible, with BTC attracting the remaining institutional attention, while alts trading has basically stalled. Strategy has also shown signs of weakness, with its mNAV plummeting from about 2.5 at the beginning of 2025 to around 1.2 today. Speculative premiums have been significantly reduced, although MSTR's trading price remains higher than its held BTC. Institutional capital is in a wait-and-see mode, and the value of existing positions is diminishing.

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