Bitcoin treasury net asset values (NAVs) have experienced a significant decline, signaling the end of the so-called 'financial magic' era. According to 10x Research, inflated valuations in digital asset treasuries (DATs) are unwinding, with companies such as Metaplanet and MicroStrategy seeing their NAVs normalize after years of premium pricing driven by retail investors. This market correction has filtered out weaker players, allowing stronger DATs to potentially lead Bitcoin's next growth cycle. Analysts indicate that the drop in NAVs could present opportunities for long-term investors to acquire undervalued Bitcoin-linked positions.