According to online reports, David Duong, director of research at Coinbase, tweeted that we believe that the technical needs of the crypto treasury will provide continued support for the crypto market in the short term, but the DAT (Digital Asset Treasury) phenomenon has reached a critical turning point. We are no longer in the early adoption stages of the past 6-9 months, but we also don't think we are near the end. Instead, we have entered the so-called PvP phase. This is a competitive stage, and success increasingly depends on execution, differentiation and timing, rather than simply copying the Strategy script.