Coinbase Research Head: Digital asset vaults enter the PvP stage, and the proportion of BTC and ETH positions increases
Source: ChainCatcher
Time: 2025-09-11 11:33:14
According to ChainCatcher, David Duong, head of Coinbase research, said that the current digital asset vault (DAT) has entered the "player-to-player" competition stage, the early scarcity premium has faded, and the market's requirements for execution and differentiation have increased.
The BTC exclusive DAT has held more than 1 million pieces, accounting for about 5% of the circulation; the ETH exclusive DAT holds about 4.9 million pieces, valued at about 21.3 billion US dollars, accounting for more than 4% of the circulation. Early participants such as MicroStrategy received a net asset premium, but the premium has narrowed as competition intensifies and regulatory constraints.