The stock market looks at intrinsic value, but cash and risk assets are discounted differently, Bitcoin has only seen a slight discount in history, but will ETH be significantly discounted?
It depends on two things:
First, whether the amount of funds that continue to buy can be withstood
The second is whether the consensus brought about by the rise can be stable
Any coin cannot rely on the bookmaker's deadlift, whether it is MEME or other coins. At that time, $BCH pulled much stronger than today's ETH, directly jumping to half of BTC's market capitalization.
SharpLink's (SBET) mNAV has dropped to 0.98
This means that the value of Ethereum held by it has exceeded its stock price.
Tell me my opinion:
1. Taking history as a lesson, Weice's mNAV fell to a minimum of 0.7 that year, but that was the super bottom of the super bear market, and the price of Bitcoin was about 2w in May-June 22.
2. WeCe≥ 95% of the time, the mNAV is ≥1, and it falls below to be short-term.
3. Some people compare DAT and Grayscale's GBTC side by side, but there is an essential difference between the two: Grayscale was unable to redeem assets *under regulatory requirements*, resulting in de-anchoring; In the DAT treasury strategy, listed companies have complete autonomy, and the secondary market is free to adjust positions, making it difficult to de-anchor for a long time.
The above are non-financial advice.
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