š„BREAKING: $ASTER ā CZ confirmed that several ex-Binance employees are part of the team. And YZi Labs (formerly *Binance Labs*) holds a minority stake in the exchange. š
Fresh FUD is hitting the market: proxy companies holding large $ETH balances may be forced to sell.
Hereās why š š» With ETHEREUM price dropping, the mNAV of three Ethereum treasury companies ā SharpLink, The Ether Machine, and ETHZilla ā has fallen below 1. š» Only Bitmine remains above 1, and even doubled down by buying more ETH today.
š» For the others, things look grim: ⢠Their market cap < ETH reserves ⢠Issuing new shares to buy $ETH is now unprofitable ⢠Incentives to keep growing crypto reserves are disappearing
š Possible outcome: these companies could start selling ETH to buy back their own shares ā adding even more downside pressure on the market.
š Will this trigger another $ETH dump, or is the fear overblown?