From the perspective of market arbitrage: mNAV<1 also means the end of the short MSTR, long BTC strategy because the premium has disappeared. This can actually be compared to a certain moment: After Eigenlayer issued its token, a large number of arbitrage players disappeared from the market, and skew reversed after the token launch. Market makers no longer need to perform additional GEX hedging in the market, which suppressed ETH prices. From the beginning of the year until now, BTC's volatility has actually been continuously suppressed. The main suppression factor might be related to this, and it will ultimately affect BTC market makers, as reflected in the skew. So at this moment, BTC faces less resistance brought by the role of market arbitrage players. ———— Will this become a turning point, just like ETH?