#数字货币市场回调 $ETH $BTC

📉 Large Investors in Bitcoin Holdings are collectively bleeding, is this "crisis of faith" just beginning?

As MicroStrategy (MSTR) saw nearly a 12% drop in market value in a single day, the entire cryptocurrency stock sector is undergoing an unwilling liquidation. Related entities such as Amber, DeFi development company, and Hyperion DeFi have all experienced declines generally exceeding 10%-15%. This is not a technical adjustment; the market is probing a cruel question: How fragile are publicly traded companies that have all-in their balance sheets into Bitcoin when the market turns?😰

The dilemma faced by MicroStrategy is the most representative. What lies before it is a brutal sorting question: prioritize repaying debt to stabilize cash flow? Continue to increase Bitcoin holdings to prove "strategic correctness"? Or find a way to boost stock prices to prevent a collapse of confidence? Although the company has just announced the establishment of a $1.44 billion dividend reserve fund in an attempt to stabilize the situation, in the current context where the direction of Bitcoin is unclear and market sentiment has cooled, how long this money will last is an unknown.

What is even more worth considering is: what is the logic behind these "Bitcoin proxy stocks"? They rise faster than coins during a bull market because leverage amplifies the gains. But what about now? Leverage is also amplifying the pain. When the fundamentals boil down to "how much BTC do you hold," it is almost inevitable that stock prices will fluctuate along with coin prices. 🤔

Those investors who once shouted "faith" may now need to reassess a question — what are the risk boundaries of such extreme allocation strategies in the cyclical rotation of the crypto market? Sometimes, surviving is more important than persisting.

What do you think about the future of this type of company? Let's chat in the comments👇