#比特币市场动态 Looking back at the development of DAT over the years, I have witnessed too many ups and downs. From the initial Strategy to the later Marathon, Metaplanet, and then the rise of Coinbase, each company has its own story. But now it seems that the fate of these companies is closely tied to the bull and bear cycles of Bitcoin.

The voices shouting "Summer of DAT" from back then are still fresh in my ears, but now the market has cooled down. From the data, the stock price fluctuations of these DAT companies are often greater than that of Bitcoin itself, which undoubtedly increases investment risks. I can't help but reflect on whether those companies that blindly transformed were really prepared.

Perhaps the DAT model itself is a double-edged sword. In a bull market, it can lead to rapid growth; however, when a bear market arrives, the risk of negative feedback loops cannot be ignored. It seems that in the future, the DAT companies that will survive are likely to be those with clear business models that do not overly rely on market sentiment.

This industry is entering a new stage. The advantages of early participants are fading, and competition is becoming more intense. I believe that future success will depend more on execution, differentiated strategies, and the ability to seize opportunities, rather than just simply copying others' models.

For traditional businesses that are still considering entering this field, my advice is to proceed with caution. DAT is not a lifeline, but a strategic decision that requires careful consideration. Before making a choice, ensure that you truly understand the risks and opportunities of this market.