Bitwise CIO: The ETF is not the main reason for the DAT premium contraction; a new round of Bitcoin bull market may drive the premium to return

Bitwise Chief Investment Officer Matt Hougan stated that market trends, rather than the launch of Bitcoin ETFs, are the main driving factors behind the premium contraction of Digital Asset Trusts (DAT). He mentioned that he had previously held a pessimistic view of DAT, believing that these companies might have lost growth potential except for a few leading firms in niche sectors.

However, after studying the relevant data, he found that ETFs did not end the DAT premium as he had previously anticipated; instead, market performance is the more significant influencing factor. If Bitcoin enters a new bull market, the valuation premium of DAT companies may reappear.