Bitcoin treasury inflows have decreased by 98% in the second half of 2025, as mNAV ratios compressed to nearly 1.0X. This significant drop follows a period of increased inflows in late 2024, which sharply declined after July 2025. Prominent short seller James Chanos has closed his short position on MicroStrategy (MSTR), suggesting potential relief for the stock and Bitcoin inflows. Despite recent volatility, Rochard of Bitcoin Bond Company indicated that the bear market for treasury firms might be nearing its end. The market's response to these developments remains closely watched as analysts weigh the potential for recovery in digital asset treasuries.