Crypto markets endured further pressure this week as the sell-off spread to some of the industry\u2019s largest digital asset treasuries (DATs). As of Friday, Bitcoin (BTC) had slipped back below $60,000 for the first time since 2024, Ethereum (ETH) was trading around $1,550, and Hyperliquid (HYPE) was near $57.\u00a0<\/p>\n
While the declines weighed on the broader market, the impact has been most visible in the large treasury companies associated with BTC and ETH\u2014specifically Strategy (MSTR) and Bitmine (BMNR).\u00a0<\/p>\n
Hyperliquid Strategies (PURR), however, has continued to post gains on an unrealized basis, highlighting how its performance still outpaces the market\u2019s major benchmarks.<\/p>\n
According to Artemis data, Strategy and Bitmine are carrying significant unrealized losses of about $12.8 billion and $10.3 billion, respectively. In contrast, Hyperliquid Strategies is positioned differently.\u00a0<\/p>\n
Artemis data <\/a>further indicates that Hyperliquid Strategies is the only major digital asset treasury company in the industry so far still in positive territory, with approximately $1.2 billion in unrealized gains, as seen in the chart below.\u00a0<\/p>\n In practical terms, that means the stress seen across most crypto-linked balance sheets has not hit Hyperliquid in the same way, even as prices pulled back sharply elsewhere.<\/p>\n The weakness has also reached other large public holders beyond the two biggest names. Lookonchain data <\/a>shows the recent retrace has extended further, with SharpLink down $1.59 billion on ETH, and Metaplanet down $1.38 billion on BTC.\u00a0<\/p>\n The pattern is consistent: as BTC and ETH retrace, companies concentrated in those assets tend to reflect the decline in their mark-to-market or unrealized reporting.<\/p>\n Bitcoin\u2019s move has been particularly notable on the weekly chart. The asset recorded a major 20% retrace on the weekly time frame, and that broader drop has filtered down to equities and crypto proxies as well.\u00a0<\/p>\nWeekly BTC, ETH Pullback Hits MSTR, BMNR Stocks<\/h2>\n