Bitwise CIO Matt Hougan argues that broader market movements, rather than spot Bitcoin ETFs, were the primary driver behind the collapse in Digital Asset Treasury (DAT) premiums. Historical data shows ETFs had limited impact on premium erosion; instead, shifts in market momentum dealt the decisive blow. Hougan describes DATs as essentially levered expressions of Bitcoin momentum and suggests that a renewed bull run could push their trading premiums back up. He notes that while he previously considered most DATs "dead" except one per market segment, those survivors would need to evolve beyond passive Bitcoin holdings—building businesses around ecosystems like Hyperliquid, Solana, or Ethereum to remain viable. "I do think peak DAT has probably passed," Hougan said, "but I don't think they're dead forever."