智通财经APP注意到，今年，数字资产资产负债表公司一度高歌猛进，直到比特币在10月份突然暴跌。 现在，许多公司正面临着未实现亏损。 目前有超过180家上市公司在其资产负债表上持有加密货币，其中约有100家采用了类似于 Strategy(MSTR.US)联合创始人迈克尔·塞勒在2020年首创的策略：通过发行债务和股权来快速积累比特 币。 今年早些时候，随着比特币价格上涨，这种做法受到青睐，投资者押注在特朗普政府下加密货币将出现 看涨趋势。 但比特币最近的波动引发了数字资产资产负债表(DAT)领域的抛售。自比特币10月10日清算以来， Strategy的股价已下跌约40%。 Le 补充道："我们看起来更像是一只'七巨头'科技股，而不是一只封闭式基金或ETF。" Strategy向MSCI提出了类似的论点，挑战了该指数提供商将于明年1月做出的决定：是否将数字资产持 有量占总资产50%或以上的公司排除在全球指数之外。 伯恩斯坦分析师认为，Strategy将能安然度过加密货币寒冬。但许多在繁荣时期效仿Strategy策略、并受 到代币价格飙升和加密友好监管东风提振的公司可能无法幸免。 在过去的一个月里，投资者对Stra ...

Kwon的律师、Hecker Fink合伙人Sean Hecker在庭审后告诉英国《金融时报》，其当事人"表达了对自己 造成痛苦的真诚悔恨，并专注于继续尝试弥补"。 Kwon今年夏天在纽约法庭承认，他明知故犯欺诈了购买其加密货币集团Terraform Labs发行证券的投资 者。检方称其行为造成"毁灭性"影响，一些受害者因损失而自杀，家庭破裂。Terra集团的崩溃还引发 了连锁反应，最终导致Sam Bankman-Fried的交易所FTX倒闭，并引发延续至2023年初的"加密货币寒 冬"。 周四庭审现场，身穿黄色囚服、戴着手铐的Kwon走进法庭时，仍获得支持者的掌声，显示这位加密货 币人物即使在认罪后仍保持一定影响力。 法官指其对投资者具有"近乎神秘"的控制力 Engelmayer法官在宣判时表示，Kwon对数千名Terra投资者拥有"近乎神秘"的控制力，许多投资者就 像"邪教追随者，至今仍未清醒"。 作者：赵颖，华尔街见闻 据英国《金融时报》周五报道，加密货币企业家Do Kwon因两项欺诈罪名被判处15年监禁，刑期甚至 超过检方要求。这位34岁的韩国人控制的TerraUSD和Luna代币崩盘导致投资者损失超 ...

据英国《金融时报》周五报道，加密货币企业家Do Kwon因两项欺诈罪名被判处15年监禁，刑期甚至 超过检方要求。这位34岁的韩国人控制的TerraUSD和Luna代币崩盘导致投资者损失超过400亿美元，成 为美国联邦检控史上造成金钱损失最严重的案件之一。 投资者损失惨重，有人流落街头 法庭听取了多名受害者陈述。一名58岁女性表示，她在Luna代币上投资了8.1万美元，最终仅剩13美 元。她称自己目前无家可归，流落在格鲁吉亚第比利斯街头。 检方在今年1月的起诉书中指出，Kwon与他人共同创立了现已破产的Terraform Labs，"策划了欺诈加密 货币购买者的计划"，构建了一个"建立在谎言、操纵和欺骗手段之上"的"金融世界"。 纽约联邦法官Paul Engelmayer在宣判时表示："这是史诗级、跨世代规模的欺诈。在联邦检控历史上， 很少有案件比你造成的金钱损失更严重。"检方原本要求判处12年刑期，但法官最终给出了更重的量 刑。 Kwon今年夏天在纽约法庭承认，他明知故犯欺诈了购买其加密货币集团Terraform Labs发行证券的投资 者。检方称其行为造成"毁灭性"影响，一些受害者因损失而自杀，家庭破裂。T ...

Strategy Executive Chairman Michael Saylor has become a leading advocate for bitcoin as the company he co-founded has steadily purchased the digital asset in recent years. Ronda Churchill / Bloomberg / Getty Images Close Key Takeaways Math is greater than faith, apparently. Strategy (MSTR), the enterprise software company made famous for stockpiling bitcoin, stunned its investors with the possibility that it could sell. Though Strategy executive chairman and bitcoin evangelist Michael Saylor has long advoca ...

Core Viewpoint - The cryptocurrency market is experiencing significant downturns, with Bitcoin recording its largest single-day drop since March, leading to concerns of a new crypto winter as nearly $1 billion in leveraged positions were liquidated [3][5][6]. Market Performance - On December 1, Bitcoin fell over 6%, marking a decline of more than 30% from its peak of over $126,000 in early October [5]. - Ethereum and Solana also saw declines of 7.6% and approximately 8%, respectively, with Ethereum down 17% year-to-date [5]. - The MarketVector index, tracking the top 100 cryptocurrencies, has dropped nearly 70% this year [5]. Liquidation and Leverage - The recent downturn is part of a broader sell-off that began in October, which saw approximately $19 billion in leveraged positions liquidated due to market instability [6]. - The estimated outstanding leveraged positions in cryptocurrency futures are around $787 billion, with ETF positions at approximately $135 billion [7]. Industry Sentiment - Industry insiders are warning of a potential crypto winter, with companies like Strategy raising $1.44 billion to ensure they can meet future dividend and debt obligations [9]. - Strategy's CEO indicated that if the company's market value falls below the net asset value of its Bitcoin holdings, they may sell some Bitcoin as a last resort [9]. Economic Factors - Broader macroeconomic concerns, including uncertainty around potential interest rate cuts by the Federal Reserve, are contributing to investor anxiety in the cryptocurrency market [11]. - The liquidity-driven adjustments in various asset classes, including Bitcoin, are expected to continue, particularly as the year-end approaches [11].

2025.12. 02 本文字数：2033，阅读时长大约3分钟 作者 | 第一财经 后歆桐 1日，比特币录得3月以来最大跌幅，其他加密货币资产也均走低。 由于投资者在加密货币投资中杠杆越来越高，1日的下跌更使得近10亿美元的杠杆加密货币头寸被平 仓。币圈业内人士担忧，加密货币市场将迎来新一轮寒冬。 比特币大跌，10亿美元杠杆头寸被迫清仓 市场规模较小、流动性较低的代币更受重创，因为加密货币交易员经常倾向由于这些货币的波动性更 高，而更愿意交易这些代币。追踪100大加密货币走势的MarketVector指数今年已累计下跌了近 70%。 1日的下跌也是10月开始的加密市场抛售潮的延续。数据追踪机构Coinglass汇编的数据显示，10月 初，由于美国总统特朗普重新威胁要提高关税，约190亿美元的杠杆加密货币头寸被迫平仓，加密货 币市场在长达数周的抛售之后始终处于不稳定状态。1日，加密货币价格大幅下跌期间，又有近10亿 美元的杠杆加密货币头寸被迫平仓。 交易员使用清算数据来评估系统中的杠杆率、现货风险偏好，并衡量目前的抛售潮、平仓是否已真正 清除了市场过度投机行为。但业内人士表示，他们所依赖的数字可能不完整，交易所 ...

Core Viewpoint - The cryptocurrency market is facing significant downturns, with concerns of a new winter emerging as major cryptocurrencies, including Bitcoin, experience substantial price drops and forced liquidations of leveraged positions [1][3][4]. Group 1: Market Performance - On October 1, Bitcoin fell over 6%, marking its largest single-day drop since March, and has decreased more than 30% from its peak of over $126,000 earlier in October [3]. - Ethereum and Solana also saw declines of 7.6% and approximately 8% respectively, with Ethereum down 17% year-to-date [3]. - The MarketVector index, which tracks the top 100 cryptocurrencies, has dropped nearly 70% this year, indicating severe market distress [3]. Group 2: Liquidation and Leverage - The recent sell-off has resulted in nearly $1 billion in leveraged cryptocurrency positions being liquidated on October 1, continuing a trend that began earlier in the month [4]. - Coinglass reported that approximately $19 billion in leveraged positions were liquidated due to market instability, exacerbated by external economic factors [4][5]. - The estimated outstanding leveraged positions in cryptocurrency futures are around $787 billion, with ETF positions at approximately $135 billion, indicating a high level of risk in the market [5]. Group 3: Industry Sentiment - Industry insiders are warning of a potential cryptocurrency winter, with companies like Strategy raising $1.44 billion to ensure they can meet future obligations [6]. - Strategy's CEO indicated that if the company's market value falls below the net asset value of its Bitcoin holdings, they may be forced to sell Bitcoin as a last resort [6]. - The overall sentiment in the market is increasingly pessimistic, with predictions that Bitcoin could drop to $60,000, reflecting a broader trend of risk aversion among investors [7]. Group 4: Economic Influences - Macro-economic concerns, including uncertainty around potential interest rate cuts by the Federal Reserve, are contributing to the pressure on cryptocurrency investments [7][8]. - The liquidity-driven adjustments in the market are particularly affecting Bitcoin and other cryptocurrencies, which are more sensitive to changes in liquidity conditions [8]. - Analysts suggest that as December approaches, attention will shift to global monetary policy, which could further impact cryptocurrency prices [8].