智通财经APP获悉，尽管股价已从7月峰值大幅回落，以太坊囤积公司BitMine Immersion Technologies(BMNR.US)，预计仍将成为2025年韩国最受欢迎的海外股票之一。根据韩国证券存管院数 据，这家由亿万富翁彼得·蒂尔支持、华尔街分析师汤姆·李执掌的美股公司，在2025年最受韩国投资者 青睐的外国证券中排名第二，仅次于谷歌母公司Alphabet(GOOGL.US)。 被称为"蚂蚁大军"的韩国散户投资者素以追逐高风险资产著称。在加密货币领域，他们尤其偏好所 谓"山寨币"，即数量庞大、价格波动剧烈的小型代币。今年，一类新型数字资产国库公司(以上市公司 形式专注囤积加密货币的载体)迅速吸引了韩国交易者的目光。 BitMine在7月3日宣布从比特币挖矿转型为囤积以太坊(市值第二大加密货币)后，股价一度暴涨逾 3000%，创下历史高点。此前该公司几乎未被投资者关注，但转型后迅速成为韩国7月净买入额最高的 海外股票。 以太坊本身在2025年下跌约11%。上市囤积机构带来的买盘动能曾在8月将其推升至近5000美元的历史 高位，但此后涨幅悉数回吐。截至发稿，以太坊交易价格报2979美元。 然而自峰值 ...

Core Insights - Bitcoin is experiencing its worst month since the Terra collapse in 2022, with investors withdrawing billions from 12 Bitcoin-related funds, leading to significant outflows from crypto treasury companies [1][3][8] - The recent price drop, while severe, is still less than the 75% decline seen during the 2021-2022 bear market, indicating potential for further pain in the market [10] Group 1: Market Performance - Bitcoin briefly fell to around $80,500, resulting in a market cap loss of approximately $500 billion, marking a significant pressure test for the cryptocurrency market [3][6] - On October 10, a flash crash led to the liquidation of $19 billion in crypto bets, causing Bitcoin's price to drop from a recent high of $126,251 [6][8] - The fear and greed index for the cryptocurrency market dropped to 11, indicating extreme fear among investors [9] Group 2: Institutional Involvement - Institutional investors, including Harvard's endowment fund and various hedge funds, have withdrawn significant amounts from Bitcoin-related ETFs, reflecting a shift in market sentiment [8] - The crypto treasury model, which involves companies holding cryptocurrencies, is facing scrutiny as these entities experience larger outflows and questions about their structural value arise [8] Group 3: Market Sentiment and Liquidity - The liquidity issues in the market remain unresolved, with weakened market makers unable to support prices, leading to persistently low liquidity [7] - The current market sentiment is characterized by heightened panic, with a lack of structural demand for spot purchases during significant pullbacks [10]

Core Insights - The cryptocurrency market is experiencing a significant downturn, with Bitcoin recently rebounding to over $86,000 but still facing its worst month since the 2022 Terra collapse [1] - The recent drop in Bitcoin's value, which fell to around $80,500, has resulted in a market capitalization loss of approximately $500 billion, marking a critical stress test for the market [1] - Investors are withdrawing billions from 12 Bitcoin-related ETFs, raising concerns about the value of companies that primarily hold digital assets [1][3] Group 1: Market Dynamics - The sharp decline in October was triggered by a flash crash on October 10, which saw $19 billion in cryptocurrency positions liquidated, causing Bitcoin to plummet from its recent high of $126,251 [3] - Analysts suggest that the majority of the market's decline is linked to this flash crash, indicating that large participants may have been forced to sell due to the impact on their balance sheets [3] - The liquidity issues in the market remain unresolved, with market makers unable to support prices, leading to continued low liquidity in the cryptocurrency market [3] Group 2: Institutional Investor Behavior - Unlike previous downturns, ETFs have emerged as a new factor in this crisis, with significant withdrawals from Bitcoin-related funds by institutional investors, including Harvard's endowment and various hedge funds [3][4] - The trend of digital asset "treasury companies," which are publicly listed firms holding cryptocurrencies, is facing severe capital outflows, raising questions about their structural value [4][5] Group 3: Market Sentiment - The sentiment in the cryptocurrency market has plummeted, with the Fear and Greed Index scoring just 11, indicating extreme fear among investors [5] - The lack of structural demand during significant pullbacks has led to a loss of natural buyers in the market, exacerbating the downturn [5] - Despite the current decline, the drop in Bitcoin's price is less severe than the 75% decline seen during the 2021-2022 bear market, suggesting potential for deeper pain ahead [5]