8h ago
The Edge Series: Market Intelligence #32
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1. Metaplanet Falls Below 1.0x mNAV as MicroStrategy Holds Premium at 1.4x
@Metaplanet_JP's market value has slipped below its Bitcoin reserves for the first time, trading at 0.99x market-to-net-asset value (mNAV) following a sharp crypto selloff. The Tokyo-listed firm dropped 6.5% to ¥402, extending its 60% decline since August and placing its $3.5B Bitcoin treasury under water.
@MicroStrategy ($MSTR) maintains a 1.48x mNAV premium but has also faced pressure, down 32% over the past 90 days despite holding 640,250 BTC worth about $72B. MSTR’s stock has gained only 5% YTD versus Bitcoin’s 19% gain.
The broader DAT sector has seen severe compression in mNAV multiples. Roughly 20% of firms with Bitcoin treasuries now trade below parity, erasing about $17B in retail value.
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13/10/2025
The Edge Series: Market Intelligence #31
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1. Zcash Holds Steady as Privacy Coins Outperform Despite Market Selloff
@Zcash ($ZEC) has remained one of the few altcoins showing strength amid the recent crypto market decline. While $BTC and $ETH sold off, ZEC held near $292.19, extending its 30-day gain to 452% and marking its strongest performance since 2021.
The token’s stability is underpinned by rising institutional interest in privacy assets, following renewed attention around Grayscale’s Zcash Trust and expanding zk-SNARK adoption. ZEC’s shielded transaction share climbed to 25% of circulating supply, up from 20% in July.
A 30% growth in hashrate over two months and a 68% increase in trading volume to $170 million indicate sustained network confidence.
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2. Bitcoin Core v30 Sparks Rift as Ordinals Policy Reversal Triggers Market Fallout
Bitcoin Core v30, slated for October 2025, has ignited deep division in the community after removing the 80-byte OP_RETURN limit, effectively endorsing Ordinals & Runes inscriptions onchain.
This update is a major policy reversal toward data-heavy transactions, weakening long-standing spam restrictions & prompting threats of hard forks from both pro- & anti-Ordinals factions.
Despite this policy win, Ordinals-linked tokens have collapsed. $ORDI is down 86.7% to $5.03, while $PUPS has fallen 96.3% to $0.0054. Daily Ordinals revenue dropped from $9.99M in late 2023 to just $3K by August 2025, erasing $9.987M in fee income.
The conflict has intensified network fragmentation. Bitcoin Knots, an alternative implementation rejecting v30’s policies, now represents 18 of active nodes, while Ordinals leader @LeonidasNFT has threatened to launch a pro-Ordinals fork backed by miners controlling over half the network hash rate.
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3. Reddit to Shut Down NFT Program
@Reddit is ending its Collectible Avatar Creator Program and closing the Avatar Shop on November 11, exiting from NFTs after a steep market downturn. Global NFT sales fell 13% in 2025 to $127M in August, while Reddit’s secondary trading volumes hovered near $100K per month for late 2024.
This move comes after the departure of program head Bianca Wyler (@MrsSicaria) earlier this year. Reddit will phase out its in-app Vault feature by January 1, 2026, with users required to export wallets using their 12-word recovery phrase. Existing avatars will remain usable for profile display, though NFT transfers and collection visibility will be removed.
Remaining creator submissions will be processed through September, and secondary royalties will now go entirely to creators. The r/CollectibleAvatars subreddit will remain online as an archive.
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