Many small companies that emerged during last year's DAT craze have since shifted to treasury models. Recently, these projects have been feeling the heat—many have already seen their mNAV drop below 1, facing selling pressure.

A typical example is an Ethereum treasury company that sold 2,500 ETH within the last 4 hours, worth approximately $8.04 million. Let's review this company's operations: between August and September last year, they bought a total of 50,770 ETH at an average price of $3,944, with a total investment of about $200 million. It seemed they were quite optimistic about the market outlook at that time.

But now? Their holdings are down to just 37,594 ETH. This wave of selling was clearly driven by pressure—the mNAV breaking below 1 was unavoidable; they had no choice but to reduce their positions. This also reflects that many projects following the treasury model are still struggling to withstand market cycles.