Bitcoin Treasury Tools' NAV Discount Deepens as Volatility Falls, 10x Research Notes

BTC-1.61%
ETH-1.98%
According to 10x Research, as cited by ChainCatcher, the NAV premiums of bitcoin and ethereum treasury tools like MicroStrategy have compressed significantly and turned negative due to sustained decline in bitcoin volatility. The shift has resulted in substantial losses for investors. 10x Research characterized these tools as having option-like structures rather than leveraged assets—their embedded value expands during high volatility periods but contracts as volatility declines.
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