最新报道:David Duong, head of research at Coinbase, wrote on the X platform that the digital asset treasury (DAT) market has entered a "player-versus-player" competition phase, with early scarcity premiums fading and market demands for execution and differentiation increasing. BTC-specific DAT holdings have exceeded 1 million, representing approximately 5% of the circulating supply; ETH-specific DAT holdings are approximately 4.9 million, valued at approximately $21.3 billion, representing over 4% of the circulating supply. Early entrants such as MicroStrategy once enjoyed a premium to their net asset value, but this premium has narrowed with increasing competition and regulatory constraints.