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ZachXBT's doubts are more worth pondering than the 15% NAV decline; the water in private OTC is deeper than the perpetual funding rate.
Due to low liquidity and negative funding rates, the short position has been closed.
The lock-up position is approximately $1.35 million, but due to insufficient liquidity, it will not be included in NAV before the unlock on August 14.
USDC treasury NAV will decrease by about 15%, SPYX by approximately 12%, JITOSOL by about 9%.
A detailed report will be released next week.
ZachXBT criticized its use of user assets for high-risk trading and questioned issues related to lab's private placements/OTC and others.