10x Research：多数比特币财库公司NAV溢价已明显压缩，或将进入负溢价时代
Odaily星球日报讯 10x Research 在 X 平台发文分析指出，随着比特币波动率持续下降，多数比特币财库公司的 NAV 溢价已明显压缩，部分甚至转为大幅折价，相关投资者亏损已开始显现。
历史上，灰度旗下 GBTC 曾在 2022 年 12 月一度出现 47%折价，当时投资者几乎可通过该产品以低于 1 万美元的隐含价格买入比特币。市场曾错误地将传统金融加密资产包装产品视为“比特币杠杆工具”，但这些结构实际更类似于期权产品：波动率上升时隐含价值扩大，而波动率下降时估值则会被压缩。
不过 10x Research 补充认为，当前市场错配也可能为部分具备资本运作能力的管理团队带来新的套利窗口。
Disclaimer: OKX Orbit content is provided for informational purposes only. Learn more
Replies
Related Flash News
Data: BTC contract holdings on the entire network increased by 5.28% in 24h
Block's Cash App will roll out stablecoin payment features in phases
Bitcoin's May turnaround sends seasonal signals: historical models point to about a 10% short-term pullback risk
DDC Enterprise 增持 131 枚比特币，总持仓达 2714 枚 BTC
Kraken launched Bitcoin on-chain yield product Bitcoin Vault
BlackRock deposited 2,538 BTC into Coinbase, worth about $193 million
DMG Blockchain announced plans to advance its AI data center transformation, with 69 bitcoins mined in Q2
Bitcoin has fallen below the "bull-bear dividing line" proposed by Tom Lee, fueling bearish sentiment in the market
Ripple has submitted a letter to the SEC, pushing for equal treatment of XRP with Bitcoin and Ethereum
The main short seller "pension-usdt.eth" has withdrawn its short positions for the first time in two months, with the account's net floating loss still reaching $7 million
