Conversations about Bitcoin’s price drop should include the impact of crypto treasury companies, which have contributed to the decline, argues Omid Malekan, a blockchain author and adjunct professor at Columbia Business School.

“Any analysis of why crypto prices continue to fall needs to include DATs [digital asset treasuries],” Malekan said in an X post on Tuesday. “In aggregate they turned out to be a mass extraction and exit event — a reason for prices to go down.”

He added that there are a few companies that have tried to “create sustainable value. But I can count them on one hand.”

Analysts have blamed trade tensions between the US and China, along with other macroeconomic factors for the crypto market’s decline,…