An interesting phenomenon: Bitcoin's price is moving sideways, but the mNAV of crypto concept stocks is diverging. Some companies are narrowing their discount (MicroStrategy went from 0.94 to 0.96), while others remain unchanged (TRON has stayed at 0.30). This shows that the market isn't just trading Bitcoin's price but is also reassessing each company's 'crypto premium.' Those who can prove they're not just holding coins but can create additional value will see their discount recover first.