Key Takeaways
What’s subsequent as SOL DAT’s losses surge?
A possible crypto holdings sell-off attributable to mNAV collapse could possibly be a key threat to trace.
How huge is the SOL DAT sector?
The companies collectively held over 16 million SOL or 2.8% of the general crypto treasury market as of October.
A number of Solana [SOL] treasury companies recorded huge unrealized losses following the latest SOL price crash.
One of many high SOL holders, Ahead Industries (FORD), for instance, noticed its unrealized loss improve to 24% after a pointy drop in its holdings worth from $1.65 billion to $1.20 billion.
Moreover, SOL value was down 33% from the agency’s common buy value of $232.
Different high SOL DATs (digital asset treasuries), resembling DeFi Companies (DFDV), additionally had double-digit unrealized losses.
SOL treasury scenario will get worse
On high of the losses, the mNAV (market-to-net-asset-value, a tracker for the multiples at which an organization trades relative to its crypto property.
A reduction mNAV makes elevating capital troublesome and could also be construed as bearish, whereas a premium studying bodes properly for bulls.
As of writing, mNAV has collapsed beneath 1 for all SOL DAT gamers besides SOLAI (SLAI).
Supply: Blockworks
This might evolve right into a misery and a threat if mNAV stays beneath 1 for too lengthy, doubtlessly forcing gamers to promote their crypto holdings to spice up their shares and mNAV.
SOL treasury holdings hit document excessive
Regardless of the market stress, the whole treasury holdings crossed 16 million SOL for the primary time in October. In comparison with Bitcoin [BTC] and Ethereum [ETH] treasuries, SOL DATs had a 2.8% market share.
The regular accumulation from April was adopted by a pointy uptick in value from $130 to over $220. In different phrases, demand from treasury companies had been regular in H2 2025.
Supply: Blockworks
In the meantime, the highest gamers on the Binance trade had trimmed lengthy positions from 71% to 65% over the previous two weeks amid bearish momentum.
The cautious positioning was just like the degrees seen throughout the October 10 flash crash. At the moment, longs dropped to 63% earlier than rebounding steadily later.
Supply: CoinGlass
It stays to be seen whether or not SOL will mark a backside at $150 or slide decrease to the subsequent key assist at $120.
