I noticed that fund inflows into crypto treasuries are really at an all-time low right now. The figures for this month show around $555 million, the lowest since October 2024. Quite a drop when you think about it.

What’s interesting is the contrast with what we saw after the US elections last year. Before the vote, it was disastrous at $32.4 million, then it exploded to over $12 billion afterward. Clearly an effect of regulatory changes. But since then, the market took a hit in October and has never really recovered.

Treasury companies are clearly under pressure. Experts say they need to reinvent themselves now, use staking, mining, seek alternative revenue sources to survive in this tough environment. It’s become a real challenge for them to stay competitive when flows are at an all-time low like this.