On paper the asset value should be there, but not the liquidity.

The financial system is designed by accountants and not merchants.

A truer asset valuation would reflect the arrival rate of market orders v’s the limit order book, and not merely the yellow strip.

We now have the technology for this kind of asset valuation, but we still use 200 year old book keeping.

This is one area where the economy and capital allocation could be really improved with technology.

A book keeping protocol that transcends legal jurisdiction would be required.