Cryptocurrency Funds Face Life-and-Death Race: Market Plummets, Who Can Hold Out Until the End?

As Bitcoin (BTC) and Ethereum (ETH) plummeted nearly 30% within a week, publicly listed companies holding digital assets are facing unprecedented financial pressure. Data shows that the global crypto treasury’s unrealized losses have soared to $25 billion.
Current Market Pain Points:
📉 Significant Unrealized Losses: Most large holders’ asset market values have fallen below their average cost basis. Once considered a “wealth-building secret,” the HODL strategy is now facing severe negative returns.
📉 mNAV Breakdown (Discount Crisis): The key indicator mNAV (market cap to crypto reserve value ratio) has fallen below 1. This means the market’s valuation of blockchain companies is even lower than the value of their held assets. This “inversion” directly blocks companies from raising funds through equity issuance, as any new issuance would severely dilute existing shareholders’ equity.
📉 Liquidity Trap: Even giants like MicroStrategy face net asset discounts. While unrealized losses do not equate to bankruptcy, for companies burdened with high debt and operational costs, it’s akin to a “time bomb.”
Who Is in the Most Danger?
The most vulnerable are mining companies and investment institutions highly dependent on external financing. If coin prices remain sluggish, lenders will tighten loan conditions, and the capital market may temporarily shut its doors to these companies.
Summary:
We are in the painful stage of market “deleveraging.” This is not the end of the industry but a brutal financial reshuffle. Only those with sufficient cash flow and no need for forced liquidation—“hardcore players”—will survive this winter.
💬 Do you think we will see a “surrender sale” from large institutions next? Feel free to share your views in the comments! $ETH ‌ ‌