According to ChainCatcher, data from glassnode shows that the 30-day moving average of total trading volume for BTC treasury companies has fallen from $34.2 billion per day in December 2025 to the current level of $17.4 billion per day. The decline represents a 49% drop over six months, with trading activity shrinking sharply from its peak.
The 30-day moving average provides a view of trading volume over a sustained period rather than a single trading day. In this case, the comparison highlights the change between the December 2025 peak level and the present reading for BTC treasury company trading activity.
glassnode also stated that speculative interest in DAT stocks is highly correlated with the BTC price. As the spot price of BTC pulled back, interest in gaining leveraged Bitcoin exposure through listed treasury instruments also weakened, leaving trading activity roughly halved from its peak.