Coinbase Research Director: Digital Assets has entered the "PvP stage"

According to BlockBeats, on September 11, David Duong, head of research at Coinbase, posted, "We believe that the technical demand for digital asset treasury (DAT) will provide continuous support for the crypto market in the short term. But the DAT phenomenon has reached a critical turning point. · We are no longer in the early adoption stage of the past 6-9 months, but we do not think we are close to the end. · Instead, we have entered what is called the "PvP stage" (player-to-player) - a competitive stage where success is increasingly dependent on execution, differentiation and timing, rather than simply copying MicroStrategy's model. · Indeed, early participants like MicroStrategy have enjoyed a premium that is well above net asset value (NAV), but the mNAV premium is shrinking as competition, execution risks and regulatory constraints emerge. · In our opinion, the scarcity premium enjoyed by early adopters has dissipated. At the PvP stage, only the most disciplined and strategically positioned participants can stand out. · Nevertheless, Bitcoin-focused DAT currently holds more than 1 million BTC, accounting for about 5% of the circulation. Similarly, the major Ethereum-focused DAT holds a total of approximately 4.9 million ETH (approximately US$21.3 billion), accounting for more than 4% of the total ETH circulation. "