Crypto’s Big Spenders Vanish-But Why? 😱

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If you’ve ever wondered what happens when the crypto world’s biggest wallets collectively decide to play hide-and-seek with your money, David Duong has the answer: they “ghost” you. Since October’s market meltdown, Bitcoin’s institutional investors-those supposed pillars of stability-have vanished so thoroughly you’d think they were hit by a digital vaporwave. Even during brief recovery sprints, they’ve remained as engaged as a potato in a yoga class.

DATs (Digital Asset Treasuries, for the uninitiated) have cratered their BTC buying to levels so low, it’s like watching a superhero lose their cape and just… sit there. Duong, with the solemnity of a man who’s seen the end of the world, noted the only consistent buyers are Ethereum loyalists-led by Bitmine, a fund so committed it’s practically Ethereum’s personal hype man. But even that’s a one-man show, with Bitmine doing all the heavy lifting while others sip crypto-infused lattes and nod wisely.

Coinbase, ever the optimist, warns that if Bitmine sneezes, the whole Ethereum bid could vanish like a poorly coded NFT. Meanwhile, major institutions are sitting on their hands, leaving the market to wobble at support levels like a toddler on a tricycle. It’s a recipe for chaos, and we’re all the crash-test dummies.

Even Michael Saylor’s Strategy, once the Elon Musk of Bitcoin accumulation, has slowed its buying pace from “buying a small country’s GDP” to “buying a fancy coffee.” Analyst Maartunn sighs: “They’re not buying big, but they’re still buying.” Which is like saying your neighbor’s not throwing a party, but they’re still burning your trash in the backyard. Still, Strategy recently spent $43.4 million on 390 BTC, because why not? It’s not like Bitcoin has a return policy.

But while some retreat, others charge ahead. Prenetics Global, a health-tech company with a name that sounds like a rejected Marvel villain, just raised $48 million to buy Bitcoin and expand its supplement line. Because nothing says “trust us” like selling vitamins and crypto. Investors include Kraken, Exodus, and Jihan Wu (who’s now a crypto wizard in a hoodie). Tennis star Aryna Sabalenka and David Beckham are also in on the action, though it’s unclear if they’re investing or just trying to look serious for Instagram.

Meanwhile, American Bitcoin Corp.-founded by Eric Trump and Donald Trump Jr.-has become a crypto heavyweight, hoarding 3,865 BTC worth $450 million. They’re now in the top 26 public holders, which means they’re richer than some countries but less trustworthy than a used car salesman. It’s a digital gold rush, and everyone’s playing dress-up.

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2025-10-28 20:52