Nghiên cứu 10x: Phí quản lý tài sản bitcoin thu hẹp, thời kỳ phí âm đang đến gần

The Huoxing Finance report, citing an analysis by 10x Research on X, points 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 are beginning to emerge. Historically, Grayscale’s GBTC once traded at a 47% discount in December 2022, at which time investors could effectively buy Bitcoin at an implied price below $10,000 through the product. The market previously mistakenly viewed traditional financial crypto asset packaging products as “Bitcoin leverage tools,” but these structures are more akin to options products: implied value expands when volatility rises and is compressed when volatility falls.