According to Odaily Planet Daily, Coinbase Research Head David Duong wrote on the X platform that the current digital asset treasury (DAT) market has entered a "player-versus-player" competition phase, with the early scarcity premium fading and the market demanding greater execution and differentiation. Bitcoin-specific DAT holdings have exceeded 1 million, representing approximately 5% of the circulating supply; ETH-specific DAT holdings are approximately 4.9 million, valued at approximately $21.3 billion, representing over 4% of the circulating supply. Early entrants such as MicroStrategy once enjoyed a premium over their net asset value, but this premium has narrowed with increasing competition and regulatory constraints.