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Boop.Fun leading the way with a new launchpad on Solana.
Bienvenido a la penúltima etapa: SOL es el primero de los principales en acercarse a NAV, lo que significa que la presión de compra de estos vehículos debería cesar inminentemente (al menos temporalmente).
El precio de SOL probablemente comenzará a caer, y yo adivinaría que veremos descuentos respecto a NAV.
El estado final más probable es un descuento respecto a NAV seguido de intentos agresivos de los insiders para cerrar el descuento.
Esto no es exclusivo de SOL, ETH probablemente seguirá. La demanda de estrategias de ETH simplemente resulta ser más fuerte a corto plazo.
30 jul 2025
The next step after premiums decay far enough is for the underlying assets to go into downside price discovery.
Take SOL as an example: UPXI and DFDV are seeing declining premium and volume, leading to less capital being raised to buy SOL.
These vehicles have been accumulating SOL at about 2% of supply per year. During that period, SOL fluctuated between $150-$200. If the treasury strategies stop providing price indiscriminate buy-pressure to SOL, the market falls out from under it and is forced to find a new equilibrium that no longer takes the treasury strategies current pace of purchases into account.
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