Welcome to the second to last stage: SOL is the first of the majors to get down towards NAV, meaning the buying pressure from these vehicles should cease to exist imminently (at least temporarily).
SOL price will probably start to fall, and I'd guess we see discounts to NAV.
The most likely end state is discount to nav followed by insiders aggressively trying to close the discount.
This isn't unique to SOL, ETH will likely follow. Demand for ETH strategies just happens to be stronger in the short-term.
The next step after premiums decay far enough is for the underlying assets to go into downside price discovery.
Take SOL as an example: UPXI and DFDV are seeing declining premium and volume, leading to less capital being raised to buy SOL.
These vehicles have been accumulating SOL at about 2% of supply per year. During that period, SOL fluctuated between $150-$200. If the treasury strategies stop providing price indiscriminate buy-pressure to SOL, the market falls out from under it and is forced to find a new equilibrium that no longer takes the treasury strategies current pace of purchases into account.
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