#宏观经济 Seeing the news about the DAT bubble burst, I am reminded of a few cases I have seen over the years. Dropping from 3-10 times premium to 1 times or even lower is indeed heartbreaking. But a closer look at the underlying logic is actually worth reflecting on.

Companies that rapidly accumulate huge assets without real operational income are essentially betting all their chips on asset appreciation. This model looks perfect when market sentiment is high, but once sentiment shifts, it becomes the most fragile fortress. Conversely, more cautious companies are building professional asset management systems, incorporating Bitcoin into rigorous treasury strategies — this is the way to survive long-term.

The current dilemma is also an opportunity for holders to reflect: what is your holding based on? If it’s a gamble on asset appreciation, you must accept such volatility; if you believe in the long-term prospects, then macro environmental improvements and possible interest rate cuts give us reasons to wait.

The key is not to make decisions in panic. Stick to what needs to be maintained, scrutinize what needs to be examined, and give yourself some patience and room.