Coinbase Research Director: Digital Asset Vaults Enter PvP Stage, BTC and ETH Positions Increase

David Duong, head of research at Coinbase, wrote on the X platform that the digital asset library (DAT) market has entered the "player-to-player" competition stage, with the early scarcity premium gradually fading, and the market's demand for execution and differentiation is growing. The BTC dedicated DAT holdings have exceeded 1 million, accounting for about 5% of the circulating supply; the ETH dedicated DAT holdings are about 4.9 million, valued at about 21.3 billion US dollars, accounting for more than 4% of the circulating supply. Early entrants such as MicroStrategy have enjoyed a premium above their net worth, but that premium has narrowed as competition intensifies and regulatory restrictions.