We’re seeing GBTC-style risk premium return in ETH/SOL/HYPE... treasury plays.
Market paying 20–100% premium over NAV for liquidity, leverage, and regulated market access.
But that premium is conditional imo especially with the broadening of market access to cross across the board.
Also, GBTC collapsed to -40% post-FTX when liquidity dried up.
In bull markets, price defy gravity.
In choppy market, NAV reversion becomes the law of physics lolol
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