Before Uptober, the market in September was a bit torturous. A few days ago, the probability of interest rate cuts just rose to 98%. Last night, NASDAQ hit you with a ban right off the bat. "Stricter regulations for companies purchasing cryptocurrencies through capital increases." In fact, it has been less than 2 months since @SharpLinkGaming successfully changed hands on July 14 (surpassing the Ethereum Foundation to become the largest institutional holder of $ETH), which also completely ignited the narrative of DATs (Digital Asset Treasury). Currently, three institutions have holdings surpassing the Ethereum Foundation, but from the chart by @_FORAB, it is clear that the reserve narrative has cooled down, from a previous mNAV peak where stock prices exceeded 5 in a crazy situation. Now, everything is below 1, instantly bringing the coin-stock narrative back to reality. After discussing with some friends recently, I believe that the current DAT narrative is still ongoing, as it...
A moment to witness history, where the total market value of most MicroStrategy companies
is less than the total value of held tokens.
mNAV is significantly less than 1.
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