According to @caprioleio, the investment trust bubble has built over 7–8 years and many mNAVs are now below 1, indicating growing stress in Bitcoin yield products, source: @caprioleio on X, Oct 14, 2025. According to @caprioleio, this environment incentivizes managers to add debt to boost Bitcoin yield, increasing leverage risk across Treasury Companies and setting the stage for a potential big-bang unwind, source: @caprioleio on X, Oct 14, 2025.