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There Is a Second Best
Bitcoin.com _ Week in Review
This week Bitcoin briefly touched $126,000, an all-time high (ATH), despite the continuing U.S. government shutdown. BNB, the Binance token, muscled past XRP and (briefly) USDT to reach a $1,350 ATH. The other alts declined during the week, with ETH and SOL down roughly 3.6% and 5% respectively since last Friday.
Outside of crypto, gold made yet another ATH, this time surging beyond $4,050 while silver, the #Litecoin of precious metals if you will, hit a record high $61. The easily digestible narrative is that with gold/silver ripping, equities like the S&P hovering around ATHs, and the U.S. dollar in the toilet, there is a strong dollar debasement trade.
On this great Bits + Pips podcast Ram Ahluwalia shows that of course nothing is that simple. USDJPY has increased to 152.9 as of writing this, and the DKY seems to have bottomed. You’d also expect the dollar to decline versus oil, but crude is hanging out in the mid 60s. As Graham said in this week’s episode of Token Narratives, perhaps the fiat debasement trade is strong, but not the dollar one.
With multiple markets sitting at all-time highs, market participants often feel very bullish (price discovery imminent) or very bearish (we’ve topped). On balance it does seem even the bearish economic data doesn’t preclude severe bullishness in the short term, especially when you have indications that every government is going to run it hot. For example, Japan’s new Prime Minister, Sanae Takaichi, pledges to, “jolt the economy with aggressive government spending.”
On to notable crypto news: the Bitcoin Core v. Bitcoin Knots debate has heated up, but not in a positive way. First, for those unfamiliar with the conflict, Aaron van Wirdum wrote an excellent overview. This week people sympathetic with Knots began to attack Gloria Zhao, claiming she was a nepotistic hire to Bitcoin Core. If true, it’d be bad, but the evidence seems flimsy at best, cringe drivel at worst.
Things are getting divisive enough that CT (Crypto Twitter) curmudgeon and perpetual provocateur Pledittor began cautioning descalation. That really caught my attention.
As did this video of Bitcoin’s number one cheerleader Michael Saylor seemingly moderating his view on the “there is no second best” rhetoric. The video begins with Saylor saying, “People are gonna start to see that there’s a place for both Bitcoin and other crypto assets.” It sounds like there most definitely is a second best now!
Last week, I wrote about #AsterDEX , a perp DEX that kicked off the perp DEX frenzy. The furor has reduced to a murmur, perhaps because Aster, a Binance-backed project, spawned a Binance Smart Chain memecoin season. “Season” is a stretch, the speculating started and completely died in less than a week.
These narratives, metas, or seasons are so short lived now. As discussed in Token Narratives, they seem to follow a pattern:
News of a project that makes a lot of money or enriches a lot of people, drops
Projects that are tangentially related begin to run. This usually seems to be alternative projects, like with perp DEXs (#Hyperliquid alts), launch pads (#pump .fun alts), or #DAT s (Strategy alts). However, it could just be things within the ecosystem, like the memecoins on the Binance chain running after Aster did well.
Selling happens as soon as people start posting FOMO-inducing wins on CT.
As a test of this pattern, perhaps the news of Polymarket getting a $2 billion investment from NYSE owners, making Shayne Coplan the youngest self-made billionaire will kick off a prediction market meta for the next week or so?
"Do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"
$BTC $BNB $USDT
This week Bitcoin briefly touched $126,000, an all-time high (ATH), despite the continuing U.S. government shutdown. BNB, the Binance token, muscled past XRP and (briefly) USDT to reach a $1,350 ATH. The other alts declined during the week, with ETH and SOL down roughly 3.6% and 5% respectively since last Friday.
Outside of crypto, gold made yet another ATH, this time surging beyond $4,050 while silver, the #Litecoin of precious metals if you will, hit a record high $61. The easily digestible narrative is that with gold/silver ripping, equities like the S&P hovering around ATHs, and the U.S. dollar in the toilet, there is a strong dollar debasement trade.
On this great Bits + Pips podcast Ram Ahluwalia shows that of course nothing is that simple. USDJPY has increased to 152.9 as of writing this, and the DKY seems to have bottomed. You’d also expect the dollar to decline versus oil, but crude is hanging out in the mid 60s. As Graham said in this week’s episode of Token Narratives, perhaps the fiat debasement trade is strong, but not the dollar one.
With multiple markets sitting at all-time highs, market participants often feel very bullish (price discovery imminent) or very bearish (we’ve topped). On balance it does seem even the bearish economic data doesn’t preclude severe bullishness in the short term, especially when you have indications that every government is going to run it hot. For example, Japan’s new Prime Minister, Sanae Takaichi, pledges to, “jolt the economy with aggressive government spending.”
On to notable crypto news: the Bitcoin Core v. Bitcoin Knots debate has heated up, but not in a positive way. First, for those unfamiliar with the conflict, Aaron van Wirdum wrote an excellent overview. This week people sympathetic with Knots began to attack Gloria Zhao, claiming she was a nepotistic hire to Bitcoin Core. If true, it’d be bad, but the evidence seems flimsy at best, cringe drivel at worst.
Things are getting divisive enough that CT (Crypto Twitter) curmudgeon and perpetual provocateur Pledittor began cautioning descalation. That really caught my attention.
As did this video of Bitcoin’s number one cheerleader Michael Saylor seemingly moderating his view on the “there is no second best” rhetoric. The video begins with Saylor saying, “People are gonna start to see that there’s a place for both Bitcoin and other crypto assets.” It sounds like there most definitely is a second best now!
Last week, I wrote about #AsterDEX , a perp DEX that kicked off the perp DEX frenzy. The furor has reduced to a murmur, perhaps because Aster, a Binance-backed project, spawned a Binance Smart Chain memecoin season. “Season” is a stretch, the speculating started and completely died in less than a week.
These narratives, metas, or seasons are so short lived now. As discussed in Token Narratives, they seem to follow a pattern:
News of a project that makes a lot of money or enriches a lot of people, drops
Projects that are tangentially related begin to run. This usually seems to be alternative projects, like with perp DEXs (#Hyperliquid alts), launch pads (#pump .fun alts), or #DAT s (Strategy alts). However, it could just be things within the ecosystem, like the memecoins on the Binance chain running after Aster did well.
Selling happens as soon as people start posting FOMO-inducing wins on CT.
As a test of this pattern, perhaps the news of Polymarket getting a $2 billion investment from NYSE owners, making Shayne Coplan the youngest self-made billionaire will kick off a prediction market meta for the next week or so?
"Do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"
$BTC $BNB $USDT
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🔍 HAS THE "FINANCIAL HACKING" COME TO AN END? 🔍
The firm Kerrisdale Capital has taken a short position in $BMNR, and the rumor in @rumour.app is clear: the DAT business model is in danger.
📉 The data doesn't lie:
· Premiums collapsing: The one for $BMNR dropped from 2.0x in August to ~1.2x in October.
· Unsustainable strategy: They issue shares to buy crypto, but the saturation is such that $10 billion in new shares have been issued in just 3 months.
· Fierce competition: More than 150 listed companies plan crypto treasury offerings worth $100 billion.
📉 The data doesn't lie:
· Premiums collapsing: The one for $BMNR dropped from 2.0x in August to ~1.2x in October.
· Unsustainable strategy: They issue shares to buy crypto, but the saturation is such that $10 billion in new shares have been issued in just 3 months.
· Fierce competition: More than 150 listed companies plan crypto treasury offerings worth $100 billion.
Ronalito-95:
excelente post
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Crypto Executives: Tokenizing #DAT Stocks Will Increase Investor Risk
Multiple crypto executives have warned that the tokenized stocks issued by Digital Asset Treasury (DAT) face liquidity gap risks, with a total value exceeding $1.3 billion. 24/7 trading on the blockchain market and the time difference with traditional stock markets could lead to lightning squeezes, compounded by smart contract vulnerabilities and the complexity of corporate equity, amplifying investor risks. The SEC is exploring blockchain stock trading, while Nasdaq and others are pushing for around-the-clock trading to keep pace with the crypto market rhythm.
Multiple crypto executives have warned that the tokenized stocks issued by Digital Asset Treasury (DAT) face liquidity gap risks, with a total value exceeding $1.3 billion. 24/7 trading on the blockchain market and the time difference with traditional stock markets could lead to lightning squeezes, compounded by smart contract vulnerabilities and the complexity of corporate equity, amplifying investor risks. The SEC is exploring blockchain stock trading, while Nasdaq and others are pushing for around-the-clock trading to keep pace with the crypto market rhythm.
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Dogecoin faces a circuit breaker rebound: this bullish momentum will drive the price up to $0.8 ATH
Dogecoin (#DOGE ) currently shows signs of entering one of the strongest bullish phases to date, an analyst pointed out, noting that a rare chart pattern may trigger a strong upward rebound. According to technical analysis, Dogecoin may be setting a new historical high, with $0.8 becoming the next bullish target.
Analysts' predictions for Dogecoin are bold again
The latest analysis from X social media's renowned market expert Mikybull Crypto: revealing that Dogecoin has completed a key phase of the 'impulse and run' reversal pattern—this pattern historically often precedes explosive breakthroughs. Given that the price trend has returned to the trend line, the analyst doubled down on previous predictions, forecasting that DOGE's price may experience explosive growth to reach the $0.8 level.
Analysts' predictions for Dogecoin are bold again
The latest analysis from X social media's renowned market expert Mikybull Crypto: revealing that Dogecoin has completed a key phase of the 'impulse and run' reversal pattern—this pattern historically often precedes explosive breakthroughs. Given that the price trend has returned to the trend line, the analyst doubled down on previous predictions, forecasting that DOGE's price may experience explosive growth to reach the $0.8 level.
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The cryptocurrency market faces a paradox: "Bull run" but lacking VC capital
Although the prices of Bitcoin and altcoins are rising sharply, the venture capital (VC) crypto market is undergoing a harsh cleansing phase. Capital flows from institutional investors (Limited Partner - LP) are absent, creating a "capital desert" right in the middle of the growth cycle.
The shock of trust and capital contraction
After a series of major collapses in 2022 such as FTX, Terra, and Celsius, the trust of investors has been severely eroded. They have become more cautious, turning to stable traditional investment channels instead of risking capital in opaque crypto funds. According to PitchBook, the total capital raised for crypto funds last year only reached 6.7 billion USD, down more than 70% from the peak in 2021.
The shock of trust and capital contraction
After a series of major collapses in 2022 such as FTX, Terra, and Celsius, the trust of investors has been severely eroded. They have become more cautious, turning to stable traditional investment channels instead of risking capital in opaque crypto funds. According to PitchBook, the total capital raised for crypto funds last year only reached 6.7 billion USD, down more than 70% from the peak in 2021.
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Digital Asset Treasury Companies: A Big Bet on the Future of Crypto
Digital asset treasury companies (DAT) are facing a significant challenge as the market value to net asset value (mNAV) ratio declines, threatening their ability to raise capital. However, this situation is not a negative sign but rather indicates that companies are making a big bet on a volatile yet promising future for the crypto market.
Challenges and Opportunities
The decline of #mNAV has forced DATs like BitMine and SharpLink Gaming to consider issuing additional shares to raise capital, leading to the dilution of existing shareholders' interests. This pressure is further compounded by the emergence of Ethereum spot ETFs, providing investors with a direct access channel without incurring additional fees. However, this also presents an opportunity for DATs to prove their strategy.
A Decisive Quarter
Experts believe that Q4 will be a critical moment. If Ethereum experiences a strong price surge, mNAV will recover, allowing #DAT to raise capital more easily to increase their ETH holdings, thereby creating a positive growth loop. Conversely, if the market stagnates, companies will have to rely on yields from staking. Nonetheless, the existence of DATs demonstrates a steadfast belief in the long-term potential of crypto. These companies are willing to take short-term risks to pursue a vision of a future where digital assets become a cornerstone of the global financial system. #anh_ba_cong
Digital asset treasury companies (DAT) are facing a significant challenge as the market value to net asset value (mNAV) ratio declines, threatening their ability to raise capital. However, this situation is not a negative sign but rather indicates that companies are making a big bet on a volatile yet promising future for the crypto market.
Challenges and Opportunities
The decline of #mNAV has forced DATs like BitMine and SharpLink Gaming to consider issuing additional shares to raise capital, leading to the dilution of existing shareholders' interests. This pressure is further compounded by the emergence of Ethereum spot ETFs, providing investors with a direct access channel without incurring additional fees. However, this also presents an opportunity for DATs to prove their strategy.
A Decisive Quarter
Experts believe that Q4 will be a critical moment. If Ethereum experiences a strong price surge, mNAV will recover, allowing #DAT to raise capital more easily to increase their ETH holdings, thereby creating a positive growth loop. Conversely, if the market stagnates, companies will have to rely on yields from staking. Nonetheless, the existence of DATs demonstrates a steadfast belief in the long-term potential of crypto. These companies are willing to take short-term risks to pursue a vision of a future where digital assets become a cornerstone of the global financial system. #anh_ba_cong
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The stock price of BNC is too outrageous. BNB reached an all-time high of 1083u last week, yet the BNC stock price continues to decline and is falling.
I bought BNC at 24.2, and it has already halved and more: last Friday, the BNC stock price fell to 9.69.
This is still the largest financial treasury DAT for BNB on Nasdaq, CZ should not leave a bad reputation on this Nasdaq DAT supported by YZlabs, and it should be able to rebound in the future, so I will continue to hold.
Apart from btc/eth/bnb, I advise everyone to be cautious when purchasing any other cryptocurrencies' DAT.
#davidnamdar
#BNC
#CEAIndustries
#DAT
I bought BNC at 24.2, and it has already halved and more: last Friday, the BNC stock price fell to 9.69.
This is still the largest financial treasury DAT for BNB on Nasdaq, CZ should not leave a bad reputation on this Nasdaq DAT supported by YZlabs, and it should be able to rebound in the future, so I will continue to hold.
Apart from btc/eth/bnb, I advise everyone to be cautious when purchasing any other cryptocurrencies' DAT.
#davidnamdar
#BNC
#CEAIndustries
#DAT
🚀 The Rise of Digital Asset Treasury (DAT) Investments
Over $15B has been raised through DAT strategies this year (Jan–Aug), surpassing traditional VC funding.
Instead of only backing startups, institutions are stacking crypto treasuries & BTC$BTC, making them the new backbone of capital flow.
🔃 This shift could redefine how projects grow, scale, and sustain in the next market cycle.
#MacroInsights #DAT
Over $15B has been raised through DAT strategies this year (Jan–Aug), surpassing traditional VC funding.
Instead of only backing startups, institutions are stacking crypto treasuries & BTC$BTC, making them the new backbone of capital flow.
🔃 This shift could redefine how projects grow, scale, and sustain in the next market cycle.
#MacroInsights #DAT
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Latest News: Helios Medical recently launched a digital asset fund (#DAT ) worth 760,190 #SOL , as part of a $500 million program (expandable to $1.25 billion).
The Guide:
✅ Fundraising in public markets
✅ Aggregated $SOL
✅ Bet for a return on the chain
✅ Give traditional investors a trial version of #SOL wrapped in equity + the ability to hold.
And they are not alone.
Forward Industries, SOL Strategies, DeFi Development Corp., and others are working on building treasury bonds #Solana primarily with increasing access opportunities (instant ETF efforts, prime brokerage, public funds).
First $BTC , then $ETH ... is #SOL the next big step for Wall Street? 👀
The Guide:
✅ Fundraising in public markets
✅ Aggregated $SOL
✅ Bet for a return on the chain
✅ Give traditional investors a trial version of #SOL wrapped in equity + the ability to hold.
And they are not alone.
Forward Industries, SOL Strategies, DeFi Development Corp., and others are working on building treasury bonds #Solana primarily with increasing access opportunities (instant ETF efforts, prime brokerage, public funds).
First $BTC , then $ETH ... is #SOL the next big step for Wall Street? 👀
#data has bounced strongly from the 0.01512 support and is now showing a powerful bullish push, signaling buyers are back in control. The momentum is turning positive, and the market looks ready to climb toward higher levels if strength continues.
TP: 0.01580 – 0.01620
SL: 0.01520
A fresh wave of bullish energy is entering — a great chance to ride the pump with controlled risk.
$DATA #DAT
TP: 0.01580 – 0.01620
SL: 0.01520
A fresh wave of bullish energy is entering — a great chance to ride the pump with controlled risk.
$DATA #DAT
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Pantera Capital plans to raise $1.25 billion to establish a Solana treasury fund
The investment fund #PanteraCapital is reportedly considering a plan to raise up to $1.25 billion to convert a publicly listed company on Nasdaq into "Solana Co.", a public fund specializing in accumulating Solana (SOL). If successful, this will be one of the largest Solana treasuries ever, far surpassing the total amount of SOL currently held by other public funds.
Strategy and potential
This plan will start with raising $500 million, followed by $750 million through warrants. This is Pantera's latest move in investing in digital asset treasury companies (DAT). The fund believes that the success of a #DAT depends on the long-term investment value of the underlying asset.
Pantera has already invested in several other crypto treasury companies, including Sharps Technology, a medical device company that recently announced raising $400 million to purchase Solana.
Impact and risks
According to analysts, the involvement of a large fund like Pantera in the Solana market will carry significant symbolic meaning, reinforcing the confidence of institutional investors. However, having a single entity hold a large amount of $SOL also poses risks. This could lead to significant price volatility and affect market liquidity, similar to what happened with Bitcoin and MicroStrategy. #anh_ba_cong
The investment fund #PanteraCapital is reportedly considering a plan to raise up to $1.25 billion to convert a publicly listed company on Nasdaq into "Solana Co.", a public fund specializing in accumulating Solana (SOL). If successful, this will be one of the largest Solana treasuries ever, far surpassing the total amount of SOL currently held by other public funds.
Strategy and potential
This plan will start with raising $500 million, followed by $750 million through warrants. This is Pantera's latest move in investing in digital asset treasury companies (DAT). The fund believes that the success of a #DAT depends on the long-term investment value of the underlying asset.
Pantera has already invested in several other crypto treasury companies, including Sharps Technology, a medical device company that recently announced raising $400 million to purchase Solana.
Impact and risks
According to analysts, the involvement of a large fund like Pantera in the Solana market will carry significant symbolic meaning, reinforcing the confidence of institutional investors. However, having a single entity hold a large amount of $SOL also poses risks. This could lead to significant price volatility and affect market liquidity, similar to what happened with Bitcoin and MicroStrategy. #anh_ba_cong
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My view on cryptocurrency stocks: You can only rush in at the first moment to take a wave of profit, you can't hold for long; those who rush in late are just bag holders.
Because these shell companies that have established cryptocurrency treasuries don't have any profitable businesses, they rely entirely on the price of tokens in the treasury to support their market value. Once the token price falls, the stock price will also collapse.
The stock market has also become like the cryptocurrency circle, easily manipulated.
#币股
#加密货币财库
#DAT
#digitalassettreasury
Because these shell companies that have established cryptocurrency treasuries don't have any profitable businesses, they rely entirely on the price of tokens in the treasury to support their market value. Once the token price falls, the stock price will also collapse.
The stock market has also become like the cryptocurrency circle, easily manipulated.
#币股
#加密货币财库
#DAT
#digitalassettreasury
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Pantera Capital invests over 300 million USD in crypto treasury companies
Pantera Capital, a leading venture capital firm, has revealed that it has disbursed over 300 million USD into Digital Asset Treasury (#DAT ) companies—publicly listed businesses holding large amounts of digital assets.
DAT Model: Outperforming ETFs and direct purchases
According to Pantera, DAT companies provide a unique advantage over directly purchasing tokens or through funds #ETF . In addition to holding digital assets, DATs can generate profits from staking, restaking, and DeFi, thereby increasing the net asset value (NAV) per share. This helps shareholders indirectly own more tokens over time, offering higher potential returns.
Exemplary Case: BitMine
BitMine Immersion, one of the companies in Pantera's portfolio, is highlighted as a clear testament to the potential of the DAT model. BitMine is currently the largest Ethereum treasury in the world, holding over 1.15 million $ETH with a value of over 5.31 billion USD. BitMine's shares have surged from 4.27 USD to 51 USD in just over a month, demonstrating market acceptance of this strategy.
Pantera also notes that the cryptocurrency market is entering its second growth phase, driven by a more favorable regulatory framework for stablecoins, a boom in the tokenization sector, and strong institutional capital inflows into ETH.
Pantera Capital, a leading venture capital firm, has revealed that it has disbursed over 300 million USD into Digital Asset Treasury (#DAT ) companies—publicly listed businesses holding large amounts of digital assets.
DAT Model: Outperforming ETFs and direct purchases
According to Pantera, DAT companies provide a unique advantage over directly purchasing tokens or through funds #ETF . In addition to holding digital assets, DATs can generate profits from staking, restaking, and DeFi, thereby increasing the net asset value (NAV) per share. This helps shareholders indirectly own more tokens over time, offering higher potential returns.
Exemplary Case: BitMine
BitMine Immersion, one of the companies in Pantera's portfolio, is highlighted as a clear testament to the potential of the DAT model. BitMine is currently the largest Ethereum treasury in the world, holding over 1.15 million $ETH with a value of over 5.31 billion USD. BitMine's shares have surged from 4.27 USD to 51 USD in just over a month, demonstrating market acceptance of this strategy.
Pantera also notes that the cryptocurrency market is entering its second growth phase, driven by a more favorable regulatory framework for stablecoins, a boom in the tokenization sector, and strong institutional capital inflows into ETH.
The Rise of Digital Asset Treasury (#DAT ) investments!👀
📋This year, a major shift in crypto capital allocation is happening. Companies have raised over $15B through August via DAT strategies, a figure that outpaces traditional VC funding rounds.
📋Instead of just betting on startups, capital is flowing directly into crypto treasuries & $BTC , cementing them as the new powerhouse of institutional involvement.
📋This could reshape how projects grow, scale, and sustain themselves in the next market Cycle!🔃🔄
📋This year, a major shift in crypto capital allocation is happening. Companies have raised over $15B through August via DAT strategies, a figure that outpaces traditional VC funding rounds.
📋Instead of just betting on startups, capital is flowing directly into crypto treasuries & $BTC , cementing them as the new powerhouse of institutional involvement.
📋This could reshape how projects grow, scale, and sustain themselves in the next market Cycle!🔃🔄
$BNB vs. $SOL Treasury Companies:
Digital Asset Treasury (#DAT ) strategies are splitting regionally:
🔵BNB-focused firms backed by Asian capital are building long-term treasury positions, while U.S. institutions are creating SOL-centric public vehicles via Wall Street financing tools.
While headlines suggest growing demand, much of the activity involves #OTC deals or pre-locked tokens.
Digital Asset Treasury (#DAT ) strategies are splitting regionally:
🔵BNB-focused firms backed by Asian capital are building long-term treasury positions, while U.S. institutions are creating SOL-centric public vehicles via Wall Street financing tools.
While headlines suggest growing demand, much of the activity involves #OTC deals or pre-locked tokens.
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The so-called technical requirements of the encrypted vault are some underlying technical support needed for managing encrypted assets, such as multi-signature in terms of security, MPC (Multi-Party Computation), hardware isolation, etc. In addition, there are also technical requirements for compliance and scalability.
Duong means that the previous DAT provided short-term support to the encrypted market, but now has reached a critical turning point - the "early dividends that everyone can earn" are entering the "shuffle phase of differentiation and execution strength".
In the past early stage, as long as you imitated MicroStrategy to buy BTC, you could enjoy the "scarcity premium".
But now what everyone is looking at is the operational level👇
Differentiation (which coins to choose, how to configure the treasury)
Execution ability (trading efficiency, security compliance)
Timing judgment (bull-bear conversion nodes)
👉This means that the market will differentiate, with fewer winners and more losers, and it's no longer possible to "make money just by copying homework".
In short, you have to hustle to succeed #DAT
Duong means that the previous DAT provided short-term support to the encrypted market, but now has reached a critical turning point - the "early dividends that everyone can earn" are entering the "shuffle phase of differentiation and execution strength".
In the past early stage, as long as you imitated MicroStrategy to buy BTC, you could enjoy the "scarcity premium".
But now what everyone is looking at is the operational level👇
Differentiation (which coins to choose, how to configure the treasury)
Execution ability (trading efficiency, security compliance)
Timing judgment (bull-bear conversion nodes)
👉This means that the market will differentiate, with fewer winners and more losers, and it's no longer possible to "make money just by copying homework".
In short, you have to hustle to succeed #DAT
Coinbase research director David Duong's recent tweet shows
They believe that "the technical demand for crypto vaults will provide sustained support for the crypto market in the short term, but the phenomenon of DAT (digital asset vaults) has reached a critical inflection point.
We are no longer in the early adoption phase of the past 6-9 months, but we also do not believe it is about to end.
On the contrary, we have entered the so-called PvP phase. This is a highly competitive stage where success increasingly depends on execution, differentiation, and timing, rather than simply copying a strategic playbook."
They believe that "the technical demand for crypto vaults will provide sustained support for the crypto market in the short term, but the phenomenon of DAT (digital asset vaults) has reached a critical inflection point.
We are no longer in the early adoption phase of the past 6-9 months, but we also do not believe it is about to end.
On the contrary, we have entered the so-called PvP phase. This is a highly competitive stage where success increasingly depends on execution, differentiation, and timing, rather than simply copying a strategic playbook."
FORWARD INDUSTRIES HOLDS $1.63 BILLION OF $SOL
Forward Industries is the Solana #DAT supported by Galaxy Digital, Multicoin and Jump.
They are up over $20 MILLION USD just today.
Forward Industries is the Solana #DAT supported by Galaxy Digital, Multicoin and Jump.
They are up over $20 MILLION USD just today.
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The Most Dangerous Hidden Bomb in the Middle of the Bull Market: The DAT Credit Chain
Recently, Arthur Hayes mentioned that we have entered the middle of a bull market, and DAT (Decentralized Asset Tokenization Exchange/Company) may experience an outbreak of 'FTX-like incidents.'
Many people's first reaction is: Did the price crash?
But the real risk is not price volatility, but the 'chain of companies turning token market value into credit':
Market rises → Token appreciates → Using tokens as collateral for expansion (lending, market making, issuing new products)
Once liquidity or confidence reverses, this credit chain can break like a domino effect.
The ones that are in trouble are the balance sheet and trust in custody, not just the market situation.
Many people's first reaction is: Did the price crash?
But the real risk is not price volatility, but the 'chain of companies turning token market value into credit':
Market rises → Token appreciates → Using tokens as collateral for expansion (lending, market making, issuing new products)
Once liquidity or confidence reverses, this credit chain can break like a domino effect.
The ones that are in trouble are the balance sheet and trust in custody, not just the market situation.
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