Standard Chartered: Ethereum-based DAT is the most resilient, which may continue to drive ETH pump.

Geoffrey Kendrick, the Head of Digital Asset Research at Standard Chartered Bank, stated that the Digital Asset Treasury (DAT) market has come under pressure again after a decline in mNAV (market net asset value), raising concerns among investors about their continued ability to purchase coins. However, in this stress test, Ethereum (ETH) type DAT has demonstrated greater sustainability due to its staking yield mechanism, which may become an important force supporting ETH prices.

DAT market pressure intensifies, mNAV becomes a key indicator

mNAV above 1: Indicates that the company's market value is higher than its net asset value, allowing for fundraising at a lower cost to expand the cryptocurrency holdings.

mNAV below 1: indicates pressure on the balance sheet, decreased ability to purchase coins, and may even trigger consolidation.

Recently, the stock prices of several publicly traded companies holding digital assets have fallen, prompting investors to reassess the feasibility of their long-term strategies.

Why is Ethereum-based DAT more resilient?

Kendrick pointed out that the current economic downturn is not the end of the industry, but rather an opportunity for differentiation between strengths and weaknesses.

Low-cost financing, economies of scale, staking, and DeFi yields are the key factors that determine success or failure.

Ethereum-based DAT has a natural advantage as it can directly enhance mNAV through staking.

Bitmine strategist Tom Lee estimates that staking returns alone could increase the mNAV of ETH DAT by 0.6 percentage points.

In contrast, the DAT linked primarily to Bitcoin (BTC) or Solana (SOL) lacks a similar yield mechanism, and therefore does not have the asset appreciation capability of ETH DAT.

Potential Impact on the Cryptocurrency Market

Currently, DAT holds:

4% of the Bitcoin circulation

3.1% of the Ethereum supply

0.8% of Solana circulating supply

This means that the health of DAT directly affects the demand and price trends of cryptocurrencies.

BTC DAT: A consolidation and asset rotation is more likely to occur, with net buying momentum weakening.

ETH DAT: Expected to continue accumulating positions, providing relatively stronger support for the ETH price.

The core players of market attention

The main participants in this field include:

· Bitmine

· SharpLink

· The Ether Machine

The changes in the balance sheets of these companies and their holdings of digital assets are being closely monitored by institutional and market investors.

Conclusion

Standard Chartered's analysis shows that against the backdrop of pressure in the digital financial market, Ethereum-based DAT has higher sustainability and resilience due to its staking yield and asset appreciation capability. As the scale of ETH DAT holdings expands, the future ETH price may have more upward potential compared to other mainstream coins driven by it.