Despite the early August dump, it was correct to expect the ETH treasury company mania to last for longer The momentum in alts has been killed in late July though, and we are now in a very strange situation where the clear leader of this market is $ETH We are very reliant on people bidding the ETH treasury companies. It feels like it's quite early, but things are going so fast that we can expect the trend to exhaust early too The great thing about treasury companies is that when the mNAV compresses to 1, there should theoretically be more and more buyers looking for a "cheap entry". So we can very well see the mNAV collapse and then bounce again for another leg, just like a week ago. I tend to think the ETH treasury trade is still not over, but I am also not particularly bulled up about alts, so mostly running long BTC+ETH / short alts, with a bullish skew. Alts are decently strong (their price action vs BTC is surprisingly resilient), but it's essentially a second order effect of ETH pumping, so I would argue it's somewhat of a "fake" strength. The evidence for that is the OTHERS/ETH chart being down only. Strange situation and market, especially in the middle of August.