3 months ago, treasury companies were a "sure thing" from an investment perspective because of the novelty.

Now, they are clearly risky as its later in the game and more and more of them means less liquidity for each individual one.

In 3 months time, I anticipate the pool to be mostly dried up and tides shifting in the other direction.

Ask yourself:

How much longer can this last? Another month? Another two months? Another four months?

I think somewhere between two and four is the most likely before this reaches peak exhaustion and saturation. The thing is these entities do not need to become forced sellers. This means we likely won't see a crazy dump from them in the immediate term, rather they will be forced to stop buying.

This could possibly create more of a rounded market structure from higher with retail trying to push the market higher, yet not being able to.

Again, I'm not sure how long this lasts but I think its a fair assessment to consider that when DATco's stop buying, the writing is on the wall for what is to come next.