最新报道：According to a BiyaPay analyst on September 22nd, digital asset treasury companies (DATs) have raked in over $20 billion in funding this year, paving the way for what was once considered the hottest "blue ocean" in the crypto market. However, with premium compression, liquidity pressures, and valuations falling below net asset value (NAV), the industry is rapidly sliding into a "red ocean," with intensified competition and imminent mergers and acquisitions. Leading companies are seeking differentiation through locked-up token investments and increased liquidity, but most small and medium-sized companies are facing dwindling NAV discounts and financing difficulties. Even more dangerous signals are emerging in the Bitcoin market. With the funding boom for digital asset treasury companies reaching its peak and NAV discounts deepening, if these companies holding large amounts of crypto assets are forced to sell, a chain reaction could occur in the market. BiyaPay analysts point out that if treasury companies begin selling their tokens on a large scale, Bitcoin is likely to plummet, entering a deep correction. In stark contrast to the soaring US stock market and the blind optimism of investors, the potential risks in the crypto market are being severely underestimated. In a market that appears prosperous but faces turbulent undercurrents, BiyaPay offers investors 0-fee spot contract trading and supports direct investment in US and Hong Kong stocks via USDT, allowing users to flexibly manage multiple asset markets. Faced with the potential for a Bitcoin price crash and capital migration, investors must rely on more efficient trading tools and calm judgment to seize opportunities in this cyclical shift.