2026-01-20 00:59:04

During last year's DAT boom, some small treasury projects shifted to the treasury track, and today their situation isn't very good. As the mNAV( market price / per share net asset value) drops below 1, these projects are starting to struggle and have to sell coins to maintain themselves.

Ethereum treasury project FG Nexus just sold 2,500 ETH today, equivalent to $8.04 million. Looking back, this institution疯狂扫货 from mid-August to September last year, with an average price of $3,944, and at its peak, it hoarded 50,770 ETH, with a book value of $200 million at that time.

From the initial position to now's sale, just a few months have forced them to admit defeat. This operation is indeed a bit awkward. It reflects that some treasury projects were overly optimistic at high levels and underestimated the subsequent market pressure. Now, more and more institutions are being forced to close positions, which could become a new pressure point for the subsequent market.

ETH-4,66%

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OnchainDetective

· 13h ago

Buying up 50,770 ETH at high levels, now selling 2,500 at a time. The change in mindset is really fast.

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ProofOfNothing

· 13h ago

Ha, another high-position bagholder forced to cut losses. I'm really tired of this script. --- FG Nexus's move is truly a textbook example of a negative case. --- If mNAV drops below 1, you have to sell your coins. Basically, it means it can't hold anymore. --- Last year's batch of treasury projects really kept exploding one after another. Why does no one learn from this? --- 50770 ETH, with an average price of 3944, has been falling all the way to now. How much must the mentality collapse before they sell? --- Watching these institutions being forced to liquidate, I feel inexplicably a bit satisfied. Can't help it. --- So this is the so-called "institutional bottom-fishing"? Laughable.

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WalletManager

· 13h ago

Damn, 50,770 ETH dumped from a high position. This is the risk factor of institutions. The mNAV falling below 1 should have been clear early on.

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LucidSleepwalker

· 13h ago

Those who buy in at high levels all behave like this; greed harms people.

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GhostAddressMiner

· 13h ago

On-chain footprints are fully exposed. The fund migration tracks of these institutions have long been etched in my mind. What does it mean that they are only now starting to offload? It indicates that their dormant wallets are about to wake up. Next, there will be a large-scale downward movement of funds. Everyone, get prepared.

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ChainWatcher

· 13h ago

High-level bagholder really is the end of the line. FG's move in this wave is a textbook-level negative example.

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