PANews reported on September 11th that David Duong, Head of Research at Coinbase, stated that the digital asset treasury (DAT) market has entered a "player-versus-player" competition phase, with early scarcity premiums fading and market demands for execution and differentiation increasing. BTC-specific DATs already hold over 1 million, representing approximately 5% of the circulating supply; ETH-specific DATs hold 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.