According to @Andre_Dragosch, the average mNAV of the top 10 BTCTCs is 1.67 and the average mNAV of the top 10 ETHTCs is 1.23, excluding outliers such as Coinbase and Yunfeng Financial, source: @Andre_Dragosch on X, September 3, 2025. This shows BTCTCs in the measured group have a higher mNAV than ETHTCs by 0.44 under the same methodology, source: @Andre_Dragosch on X, September 3, 2025. The calculation explicitly removes Coinbase and Yunfeng Financial from the sample as outliers, source: @Andre_Dragosch on X, September 3, 2025.