2026-01-15 00:20:48

Here's what many miss about this cycle with BMNR and MSTR: when ETH and BTC rally, these products actually get stronger ammunition in hand—independent of mNAV movements.

The real play isn't just tracking mNAV. It's aiming for roughly 1x mNAV while leveraging the underlying reflexivity between these assets. As Bitcoin and Ethereum gain, the structural advantage compounds. That's the edge people overlook.

ETH1,28%

BTC2,13%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

11 Likes

Reward
11
6
Repost
Share

Comment

0/400

ProbablyNothing

· 9h ago

NGL, this idea of reflexivity is indeed easy to overlook. Most people are still focused on the ups and downs of mNAV, unaware that the real alpha lies in the inter-asset correlation effects... Alright, I admit it's still a bit complex.

View OriginalReply0

BearMarketGardener

· 9h ago

Basically, using the gains of BTC and ETH as leverage, while mNAV is actually a bait... Some people just haven't fully thought it through.

View OriginalReply0

BoredWatcher

· 9h ago

Wait, I didn't quite understand the part about reflexivity... Is BMNR essentially betting on the rise of BTC and ETH? Has mNAV become noise instead?

View OriginalReply0

MetaverseHobo

· 9h ago

ngl, this logic is interesting... The reflexive advantage is indeed easy to overlook. When BTC and ETH take off, the structural advantages of these two products truly become apparent.

View OriginalReply0

TerraNeverForget

· 9h ago

NGL, the logic behind this reflexive arbitrage is indeed easy to overlook... The key is to see through that mNAV is just superficial. --- Wait, so this logic suggests that when BTC and ETH rise, these two products actually have a better chance? That's a bit counterintuitive. --- Wow, finally someone said it—mNAV tracking is not the core... Structural advantages are. --- True experts don't chase mNAV; instead, they wait for this reflexive release. --- Understanding reflexivity means winning? Easier said than done... What about the timing in actual operations?

View OriginalReply0

GasWrangler

· 9h ago

ngl most people analyzing this are still missing the reflexivity angle entirely. they're too caught up in the mNAV tracking theater when the real edge is structural—if you actually parse the data on how BTC/ETH rallies cascade into these products' capital efficiency, it's demonstrably superior to what everyone's tweeting about.

Reply0