Towards an Unprecedented Market Dynamic
At the recent Token2049 event in Singapore, Veronika Kapustina, CEO of TON Strategy, acknowledged that “all indicators seem to suggest we’re in a bubble.” However, she emphasized that “this is a different kind of bubble than we’ve seen before, as it represents a new segment within the financial world.” According to her, crypto treasury networks (TANs) serve as a genuine “bridge” between traditional finance and the crypto universe.
Although summer was marked by financial enthusiasm for crypto assets, Kapustina believes experienced investors are now focusing on differentiating between solid projects and weaker ones. “I don’t anticipate a crash, but a consolidation phase is likely, as new TANs struggle to reach their objectives,” she analyzes.
The Continued Rise of Crypto Treasuries
The TAN phenomenon continues to gain momentum. Currently, more than 1.3 million bitcoins are held in these structures. This represents approximately $157.7 billion USD or 6.6% of the total circulating supply. A revealing example is Metaplanet, which recently announced the acquisition of $615 million in bitcoin, becoming the fourth largest publicly-listed holder.
On the Ethereum side, TANs have accumulated 5.5 million ETH, worth approximately $24 billion USD. This represents 4.5% of the total supply, according to data from StrategicEthReserve.
Possible Scenarios in Case of a Sudden Downturn
The question remains: are crypto treasuries truly a bubble about to burst, or are we simply at the beginning of their true potential ? According to Veronika Kapustina, the second option seems more likely. “A wave of euphoria typically precedes consolidation, then comes the real long-term capital,” she concludes.
Far from alarmist rhetoric, this nuanced analysis highlights the complexity of the challenges and opportunities emerging in the crypto ecosystem. Beyond the fears, it appears we are witnessing the emergence of a new phase of maturity and integration of the sector into the global financial landscape.
