📉 Giants Persist, Niche Players Exit: Pantera Capital Predicts a "Big Shuffle" in the DAT Field by 2026
Is the golden age of DAT (Digital Asset Holding) companies coming to an end? Analysts at Pantera Capital have clearly pointed out: the market is entering a brutal consolidation phase.
Key Points:
• By 2026, only a few top players with ample BTC and ETH on their balance sheets will survive.
• Mid-sized companies will either be swallowed up or abandoned by the market. Only 1-2 lucky holders of altcoins may survive.
• The asset gap between leaders and followers has reached a critical point.
Who is the real "behemoth"?
🥇 BitMine has solidified its position as the world's largest ETH holder, adding 35,268 ETH (worth $104 million) just last week. Its holdings now exceed 4.2 million ETH, accounting for 3.48% of the global supply!
🥈 Strategy holds an absolute dominant position in Bitcoin, possessing 1 million BTC (approximately $96.7 billion). Its asset scale is over 11 times that of the second place.
⚠️ Warning Signs: Debt Crisis
While giants are frantically accumulating, small companies that financed through debt during the bull market are in trouble:
• ETHZilla was forced to sell 24,291 ETH to repay debts.
• Sequans Communications sold 970 BTC to pay for convertible bonds.
Conclusion: Capital concentration has become a reality. The cryptocurrency market is turning into a "digital game of elephants," with BTC and ETH accelerating towards a handful of giants.
Do you think this high degree of centralization is a sign of market maturity or a threat to the spirit of decentralization?👇
