---
title: Nothing Has Changed — and Everything Has Changed
description: An overview of recent digital asset market developments, macro and political shifts, and a new framework for evaluating Digital Asset Treasury (DAT) companies.
---

[Arca Blog ](https://www.ar.ca/blog)

# [Nothing Has Changed — and Everything Has Changed](https://www.ar.ca/blog/nothing-has-changed-and-everything-has-changed)

 Written by [Jeff Dorman, CFA](https://www.ar.ca/blog/author/jeff-dorman-cfa) | Jan 12, 2026

[View full post](https://www.ar.ca/blog/nothing-has-changed-and-everything-has-changed)

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