Coinbase Research Head: Digital Asset Vault Enters PvP Stage, BTC and ETH Holdings Increase

ChainCatcher news, Coinbase's research head David Duong stated that the current Digital Asset Treasury (DAT) has entered a "player-to-player" competition phase, with the early scarcity premium fading and the market's demand for execution and differentiation increasing.

The BTC exclusive DAT holdings have exceeded 1 million coins, accounting for about 5% of the circulation; the ETH exclusive DAT holdings are approximately 4.9 million coins, valued at about 21.3 billion USD, accounting for over 4% of the circulation. Early participants like MicroStrategy once enjoyed a net asset premium, but as competition intensified and regulatory constraints increased, the premium has narrowed.