[10x Research: NAV Premiums of Most Bitcoin Treasury Companies Have Significantly Compressed, Possibly Entering a Negative Premium Era] Deep Tide TechFlow reports that on May 26, 10x Research posted an analysis on the X platform, pointing out that as Bitcoin volatility continues to decline, the NAV premiums of most Bitcoin treasury companies have significantly compressed, with some even turning into substantial discounts, and related investor losses have begun to emerge. Historically, Grayscale's GBTC once experienced a 47% discount in December 2022, during which investors could effectively purchase Bitcoin through the product at an implied price below $10,000. The market had mistakenly regarded traditional financial crypto asset packaging products as "Bitcoin leverage tools," but these structures are actually more akin to options products: implied value expands when volatility rises, while valuations are compressed when volatility falls. However, the current market mismatch may also create new arbitrage opportunities for management teams with capital operation capabilities.