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![IIICapital Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::967859267352059911.png) Joe Burnett, MSBA [@IIICapital](/creator/twitter/IIICapital) on x 98.9K followers
Created: 2025-07-24 17:50:49 UTC

mNAV on pure play bitcoin treasury companies (insignificant operating business) is just a gauge on levered bitcoin market sentiment.

The old mNAV premium was seeing the bitcoin futures market trade in contango.

And it's almost always in contango outside long bear markets.

![](https://pbs.twimg.com/media/GwoqShUWYAAJtO8.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948440749952913553/c:line.svg)

**Related Topics**
[contango](/topic/contango)
[futures](/topic/futures)
[Sentiment](/topic/sentiment)
[just a](/topic/just-a)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)
[coins pow](/topic/coins-pow)

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