比特币失守9万美元关口！蒸发1.2万亿美元背后，加密财库公司信任危机爆发

Market Overview - The cryptocurrency market is experiencing a significant downturn, with Bitcoin (BTC) dropping below $90,000, marking a seven-month low and erasing all gains for the year [2][3] - The total market capitalization of cryptocurrencies has plummeted by over $1.2 trillion in the past six weeks [2] Impact on Crypto Treasury Companies - Crypto treasury companies (DAT) are facing severe challenges as the prices of Bitcoin and Ethereum fall below their average acquisition costs, leading to losses [2] - The key metric mNAV (market value to BTC value ratio) for many DAT companies has dropped below 1, indicating a loss of premium on their holdings [2][6] Market Sentiment and ETF Outflows - The cryptocurrency fear and greed index indicates extreme fear, with a slight recovery from 11 to 15, but overall sentiment remains negative [3] - Bitcoin ETFs have seen significant outflows, with over $2.5 billion in net outflows in the past month, indicating reduced market support [4] Factors Contributing to the Downturn - The primary reasons for the current decline include macro liquidity tightening, structural leverage collapse, and persistent inflation data in the U.S. [3][4] - Large holders and "whales" are beginning to sell off their Bitcoin, contributing to the downward pressure on prices [4] Structural Issues in Crypto Treasury Companies - The crisis highlights the structural vulnerabilities in the transition of the cryptocurrency market from retail to institutional dominance, with traditional financial rules impacting asset pricing without adequate risk management frameworks [5] - The governance of crypto treasury companies is fundamentally flawed, lacking diversification and exposing investors to dual risks without corresponding risk premiums [7]