Haven't seen any deep questions in a while Got me wanting to give a serious answer MSTR's premium mNAV Will definitely decrease in the next bull market In the last bull market, there were no traditional financial channels to invest in Bitcoin, so everything flowed into MSTR Bitcoin ETFs won't launch until 2024/1/10 Now that there are ETF channels in traditional finance, The funds flowing into MSTR will naturally be divided Plus, MSTR also has leveraged bonds, stock prices, And many other complex factors to consider