2026-01-20 04:26:14

Some small projects that pivoted to treasury management during the DAT boom last year are now in a dire situation. Their mNAV (stock price divided by net asset value per share) has fallen below 1, and many institutions have begun to reduce their holdings to ease the pressure.

Ethereum treasury company FG Nexus is a typical example. This morning, the company sold 2,500 ETH in just 4 hours, which at the time was worth approximately $8.04 million. This significant reduction in holdings has attracted market attention.

Looking back, FG Nexus made large purchases of Ethereum from August to September last year, with an average price of as high as $3,944. They accumulated a total of 50,770 ETH, spending about $200 million. At that time, market optimism was high. However, Ethereum's subsequent price movement did not develop as initially expected, leading to the current situation where they have to cut losses and exit. This reflects how some small and medium treasury institutions, after buying at high prices, are under severe pressure and facing increasing cash flow challenges.

ETH-3,32%

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CryptoDouble-O-Seven

· 6h ago

Ha, it's the old trick of catching the top again Selling 2,500 ETH still can't solve the core problem

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gas_fee_therapist

· 6h ago

The fate of catching the top now all has to be vomited out, tragic. This is the destiny of the windfall, everyone chasing high is crying. FG Nexus's recent operation was really disappointing; I should have just HODL'ed. What does it mean when mNAV drops below 1? It means these projects haven't thought things through at all. Selling 2,500 ETH in a short period is a forced move. Bought at an average price of 3,944 yuan last year, now fleeing, huge loss, brother. Why are the people who always buy at the high the most miserable? This wave of Treasury projects collectively collapsed, it feels like it's just the beginning.

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HodlVeteran

· 6h ago

$3944 buy-in, now cutting losses like this... Brothers, this is what I often call "high-level sleepwalking," when you have this disease, nothing can be cured. 2500 ETH was dumped in four hours, how desperate must that be? I feel like I see the shadows of those mining farm owners from 2018. Pigs on the wind, when the wind stops, they become roasted suckling pigs falling to the ground. This time, FG Nexus is thoroughly roasted. If I had known back then, I wouldn't have been so greedy. Now I can't bear to cut losses, which is the most heartbreaking. What else to say? When cash flow pressure is high, you have to sell. Sell until there's no pressure left. This is market education.

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MetadataExplorer

· 6h ago

High-level bagholders suffer huge losses, now rushing to cut losses. This is what happens when you chase the trend. FG Nexus's move is hilarious—throwing 200 million in and now fleeing, with mNAV dropping below 1 but still holding on? Another once-"smart" person, their true colors revealed after the trend passes. These small funds will be cleared out sooner or later; there’s no real alpha, only bagholders. Are you still following the movements of these institutions? I already exited long ago.

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GasGoblin

· 6h ago

Picking up the slack at high levels is really playing with fire. Still trying to bottom fish at 3944, hilarious. When selling ETH at a loss, you already knew how badly you were losing. This wave of the treasury windfall is just a big trap; I should have seen it clearly earlier. Reducing holdings, reducing holdings, the pressure is overwhelming. $200 million down the drain, luckily it's not my money.

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ColdWalletGuardian

· 6h ago

Everyone who bought at high levels is running away now. No one can withstand the temporary trend. This is the cost of chasing the wind. Putting in $200 million and this is what you get? It’s painful. Another one falling from the clouds, panic sets in once mNAV drops below 1. $8 million in 4 hours still can't be sold off, how anxious must that be, haha. Last year's consensus has become a burden this year, really ironic.

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