So, when does mNAV actually go up?

It feels like ever since the Citron short in November of last year, we’ve seen mNAV go down when bitcoin goes down, but never up when bitcoin goes up. I’ve heard people mention the coiled spring analogy, but bitcoin has had quite a few explosive moves up in this time that never seemed to trigger this spring effect. So, what will it actually take for mNAV to significantly increase?