Today’s crypto market is neither the casino of 2017 nor the frenzied bubble of 2021, but a new era of structure and adoption.

How can crypto asset treasuries grow from speculative tools to long-term economic engines for the cryptoeconomy?

If this inversion continues to exist in the future, DAT will become a "book game": they have the halo of digital assets on the surface, but in the eyes of the market, they will still be difficult to escape the shadow of "shell companies".

It is probably no coincidence that Changpeng Zhao launched Aster two months before HYPE was unlocked.

随著市场狂热情绪持续高涨，标普500指数、纳斯达克指数、道钟斯工业平均指数和罗素2000指数在同一周内全部创下历史新高，这是过去100年来第26次出现这种现象。与此同时，投资级信用利差收窄至1998年以来最低水准，该指数仅比同期国债收益率高出0.72%，若经济真正恶化，几乎无法提供任何保护缓冲。

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数字资产金库（Digital Asset Treasury，DAT）近年来成为资本市场与加密市场交汇的一种全新现象。

After a sharp rise on the first day of listing, it was immediately questioned, and the prospects of the world's first RWA stock have sparked heated discussion.

Investors are generally sluggish in their interest in Bitcoin Treasury (DAT) strategies, reflecting a saturation of market demand and a return to rationality. Meanwhile, altcoin DATs continue to emerge, but the industry remains divided over the prospects of these companies.

BTC现货走势符合我们逐步演变的观点：始于2024年9月的上涨进程已基本完成，正进入调整阶段。

The BTC and ETH markets are already saturated, while SOL is about to reach a critical moment, and altcoins are on the rise.

DAT hype is cooling down due to regulation, will the “CanGu model” become popular?

Judging from market performance, BTC-related DATs have experienced a brief downturn, the ETH narrative seems to have completed its first roller-coaster ride, and SOL's treasury model appears poised for a surge. What logic and risks lie hidden behind this glamor?

Increased regulation won't affect all assets equally. BTC is virtually "regulation-resistant," ETH is subject to restrictions but has stable underlying demand, and SOL is most likely to be impacted by structural shocks.

The DAT market structure may usher in new changes.

The market's focus on favorable regulations may have contributed to Ethereum's outperformance.