Regarding the viewpoint that the boom of Digital Asset Trusts (DAT) may have come to an end, I would like to present a different perspective. This may be the last opportunity for alternative assets in encryption to achieve a large-scale bull run driven by global capital.

Currently, most capital seems unable or unwilling to directly purchase encryption tokens to enter this market. Although DAT is not yet perfect, it has already become an alternative asset class ETF product.

We have not yet truly seen a case where DAT has brought significant capital inflows for an alternative asset, but given traditional finance's interest in Ethereum, this is likely to happen. Theoretically, these capital inflows should far exceed the scale of native cryptocurrency investors, and the market still seems to underestimate this.

Although I think DAT may be close to the top, we may not have seen the craziest scenarios that DAT can trigger. This field still has the potential to bring unexpected developments.

The cryptocurrency market is at a critical moment, and the evolution of DAT may become an important factor in determining the future direction. Investors and market participants should closely monitor this trend to seize potential opportunities and risks.