Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
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Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
Share Dialog
Share Dialog
Based on different market perspectives and three time frames, the following four scenarios are most likely to unfold for Bitcoin：
The announcement of the U.S. Strategic Bitcoin Reserve is a milestone, but the actual capital inflow is modest. Without new catalysts, as market enthusiasm wanes and funds shift to other assets, a gradual sell-off may occur.
Time Frame: 1-8 weeks
Impact: Low to moderate, but prolonged
Key Indicators: Declining ETF inflows, weakening holding interest, liquidity contraction.
The Bitcoin reserve could still trigger a short-term emotional upturn, drawing renewed attention from traditional finance. If MicroStrategy announces a stock issuance to purchase Bitcoin, coupled with a rising stock market, it could trigger a brief but sharp price spike.
Time Frame: Next 7-14 days
Impact: Moderate, but short-lived
Key Indicators: Surging ETF inflows, MSTR stock issuance, rising stock market.
Even if the reserve doesn't immediately create positive capital flows, it sends a strong signal: retail investors see progress in Bitcoin adoption; institutions receive dovish signals and may accelerate their entry; banks, insurers, and other nations might view this as an early signal to include BTC on their balance sheets.
Time Frame: 3 months+
Impact: Low single-trigger probability, but potentially disruptive
Key Indicators: Increased institutional exposure, pension fund entry, sovereign wealth fund purchases.
Some believe that the M2 money supply is the true driver of Bitcoin prices. The current M2 has bottomed out and is rapidly rebounding, with historical data showing that BTC prices typically lag liquidity trends by about 20 days. If this logic holds, Bitcoin may enter a volatile upward trend in the coming weeks. However, skeptics argue that not all liquidity from the broad money supply (M2) will flow into Bitcoin and other risk assets. The counterargument is that Bitcoin was created to absorb such liquidity, making this correlation an important reference.
Time Frame: 20-40 days
Impact: Moderate, stable upward trend
Key Indicators: Continued M2 expansion, Treasury General Account (TGA) contraction, stablecoin inflows.
Based on different market perspectives and three time frames, the following four scenarios are most likely to unfold for Bitcoin：
The announcement of the U.S. Strategic Bitcoin Reserve is a milestone, but the actual capital inflow is modest. Without new catalysts, as market enthusiasm wanes and funds shift to other assets, a gradual sell-off may occur.
Time Frame: 1-8 weeks
Impact: Low to moderate, but prolonged
Key Indicators: Declining ETF inflows, weakening holding interest, liquidity contraction.
The Bitcoin reserve could still trigger a short-term emotional upturn, drawing renewed attention from traditional finance. If MicroStrategy announces a stock issuance to purchase Bitcoin, coupled with a rising stock market, it could trigger a brief but sharp price spike.
Time Frame: Next 7-14 days
Impact: Moderate, but short-lived
Key Indicators: Surging ETF inflows, MSTR stock issuance, rising stock market.
Even if the reserve doesn't immediately create positive capital flows, it sends a strong signal: retail investors see progress in Bitcoin adoption; institutions receive dovish signals and may accelerate their entry; banks, insurers, and other nations might view this as an early signal to include BTC on their balance sheets.
Time Frame: 3 months+
Impact: Low single-trigger probability, but potentially disruptive
Key Indicators: Increased institutional exposure, pension fund entry, sovereign wealth fund purchases.
Some believe that the M2 money supply is the true driver of Bitcoin prices. The current M2 has bottomed out and is rapidly rebounding, with historical data showing that BTC prices typically lag liquidity trends by about 20 days. If this logic holds, Bitcoin may enter a volatile upward trend in the coming weeks. However, skeptics argue that not all liquidity from the broad money supply (M2) will flow into Bitcoin and other risk assets. The counterargument is that Bitcoin was created to absorb such liquidity, making this correlation an important reference.
Time Frame: 20-40 days
Impact: Moderate, stable upward trend
Key Indicators: Continued M2 expansion, Treasury General Account (TGA) contraction, stablecoin inflows.
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