Bitcoin’s mNAV Plunges into Bear Territory Amid Market Volatility

Bitcoin’s managed NAV (mNAV) has fallen into bear territory due to significant market volatility and shifts in institutional sentiment during the second half of 2025. This decline indicates a decrease in speculative appetite and caution from investors, influencing Bitcoin prices and related stocks like MicroStrategy (MSTR). Analysts attribute this trend to the impact of institutional investment strategies and rising share dilution concerns.