Coinbase研究主管:数字资产财库已进入“PvP 阶段”

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BTC3,65%
ETH5,84%

BlockBeats 消息,9 月 11 日,Coinbase 研究主管 David Duong 发文称,「我们认为,数字资产财库(DAT)的技术性需求将在短期内为加密市场提供持续支撑。但 DAT 现象已经来到一个关键拐点。· 我们已经不再处于过去 6-9 个月那种早期采用阶段,但我们也不认为接近终点。· 相反,我们已经进入了所谓的「PvP 阶段」(玩家对玩家)——这是一个竞争阶段,成功越来越依赖执行力、差异化和时机,而不仅仅是简单复制 MicroStrategy 的模式。· 确实,像 MicroStrategy 这样的早期参与者曾享有远高于净资产价值(NAV)的溢价,但随着竞争、执行风险和监管约束的出现,mNAV 溢价正在收缩。· 在我们看来,早期采用者所享受的稀缺性溢价已经消散。在 PvP 阶段,只有最具纪律性和战略定位的参与者才能脱颖而出。· 尽管如此,比特币专注型 DAT 目前已持有超过 100 万枚 BTC,约占流通量的 5%。类似地,主要以太坊专注型 DAT 总计持有约 490 万枚 ETH(约 213 亿美元),占 ETH 总流通量的 4% 以上。」

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