I整理了一下最新的BTC和ETH的DATs数据，以微策略为首的，几乎所有DAT的mNAV都跌破了1。
I previously emphasized that if DAT only relies on reserve growth to drive the price narrative, lacking core profit business support, the final outcome can only be acquisition or regretful exit. Currently, affected by the U.S. government shutdown, market liquidity is extremely scarce, leading to a simultaneous decline in stock prices and cryptocurrency prices, with premium space significantly compressed and buying power almost exhausted. This further accelerates the bursting of the DAT narrative bubble.
In the past, the narrative of DAT also partially relied on the expectation that ETFs would be difficult to pass, but as the halt ends, the market will gradually recover. We will see more altcoin ETFs listed, and the IPO applications of crypto companies will become active again, with market focus shifting to these emerging ETF and IPO opportunities.
Of course, the story of DAT will not end here, but it will no longer solely rely on reserves; instead, it will more actively utilize the held tokens for profit, such as participating in DEFI and creating yields through strategies like staking and re-staking, which may also inject new vitality into its narrative.
By the way, BitMNR and SharpLink have still been quietly accumulating $ETH during this time. Once the Federal Reserve continues to cut interest rates, it will return to ETH moments, earning through staking.
After several months, calling out the slogan again, dddd (those who understand, understand): #TheYearofEthereum
