Digital asset treasury inflows have fallen to their lowest level since 2024, reflecting a shift in investor expectations and market dynamics. Analysts from Galaxy Digital argue that the previous era of simply accumulating assets is over, and firms must now actively manage their portfolios through strategies like staking and decentralized finance (DeFi). Staking has become particularly important, contributing to an average of 60% of reported revenue among treasury firms that disclosed their earnings. Furthermore, Arthur Firstov, chief business officer at Mercuryo, pointed out that attributing the pressures on treasury firms solely to the rise of exchange-traded funds (ETFs) overlooks other significant factors, such as operational costs and balance sheet challenges. He noted that ETFs provide a low-cost way for institutions to gain crypto exposure but also impose a structural constraint on the premiums treasury firms can charge. As a result, firms must continuously justify their pricing strategies amidst these evolving market conditions, particularly for those holding proof-of-stake assets like Ether.