According to Adam Back, recent activity in the Bitcoin investment fund market shows that the mNAV (market Net Asset Value) can be compressed when large amounts of BTC are purchased, leading to a temporary lag in market repricing. Back notes that the fund briefly achieved a 10.25x multiple in February, and with more BTC now correlating to ¥1650, a price range of ¥1000-¥1500 is likely in play. He emphasizes the rapid pace of growth, citing a 2x increase in just three months, which would extrapolate to a 16x annual growth if the trend continues. This rapid mNAV movement and market lag are important for crypto traders monitoring fund price efficiency and arbitrage opportunities. (Source: Adam Back, Twitter, May 10, 2025)