Internal documents show how a loan from the billionaire Weston family deepened a liquidity crisis and became a flashpoint in the collapse of Benko's €23 billion empire. Read more: https://t.co/VTdQegHOpI📷: Getty Images, Illustration by Mark Harris https://t.co/oLcBypbHvL ...

Core Insights - Digital Asset Treasury (DAT) inflows have significantly decreased to $1.32 billion, marking a 90% decline from the peak in July 2025, raising concerns about corporate treasury strategies focused on cryptocurrencies [1][2][3] Institutional Flows - Institutional DAT inflows have reached their lowest levels since the aggressive accumulation of digital asset reserves began [2] - Major institutions like Strategy, Inc., BitMine Immersion Technologies, and Marathon Digital collectively hold tens of billions in digital assets, but their realized and unrealized market net asset values (mNAV) have declined significantly [3][4] Asset Performance - The $1.32 billion in DAT inflows contrasts sharply with the July 2025 peak, indicating a significant drop in interest in corporate crypto holdings [3] - Most DAT strategies primarily focus on Bitcoin, with some diversification into Ethereum, Solana, and other altcoins, but this diversification has not protected treasuries from asset depreciation [5] Market Sentiment - Nearly all major DAT-holding companies have reported lower realized values, reflecting widespread market challenges and declining investor confidence [6] - Major digital asset treasury tokens are experiencing the worst monthly performance among all tokenized stock assets, indicating a shift in investor sentiment away from premium valuations for DAT strategies [8][9] Liquidity Concerns - Concerns have been raised about the sustainability of altcoins lacking strong liquidity channels, with warnings that projects without access to DATs or ETFs face increased long-term risks [11][12] - The drying up of altcoin liquidity suggests that only projects securing new liquidity channels like DAT and ETFs have better prospects for long-term survival [11][12]

Market Overview - The crypto market experienced a significant decline, with Bitcoin (BTC) and Ether (ETH) both dropping approximately 10% within 24 hours, trading around $82,200 and $2,700 respectively [1] - The altcoin market suffered even more, with several tokens plummeting by as much as 20%, leading to a 10% drop in the CoinDesk 20 Index (CD20) and a 12% loss in the CoinDesk 80 Index [1] Liquidity Crisis - The sell-off was partly attributed to a liquidity crisis stemming from an earlier sell-off and liquidation event in October, which has left the market vulnerable to further price volatility [2] - U.S. equities also faced declines, with the Nasdaq 100 trading 9.4% below its record high from October 31 [2] Derivatives Positioning - Bitcoin's 30-day implied volatility index (BVIV) surged to over 64%, while the Ether volatility index reached 87%, indicating heightened market uncertainty and increased demand for options [4] - Bitcoin's open interest (OI) fell sharply from 752K BTC to 700K BTC in a single day, as the price drop forced out bullish leverage bets [4] - A notable trend was observed where put options dominated the BTC and ETH options market, with put spreads making up 46% of BTC's total block flow in the past 24 hours [4] Altcoin Market Performance - The altcoin market faced severe losses, with tokens like Injective (INJ), Near (NEAR), Ether.fi (ETHFI), Aptos (APT), and Sui (SUI) losing between 16% and 18% of their value in 24 hours [4] - The Fear and Greed Index reached a low of 11/100, the lowest since its recording began in June 2023, reflecting extreme market fear [4] Trading Activity - Despite the overall market downturn, some traders capitalized on opportunities, with two traders reportedly making $1.3 million by purchasing the creator coin JESSE at its deployment [4]

Liquidity Concerns - 风险投资机构面临流动性危机，原因是其基金已成立 20 年 [1] - 有限合伙人 (Limited Partners) 正在关注风险投资机构的流动性问题 [1]

Group 1 - A liquidity bomb is anticipated to impact the markets positively, potentially boosting stock prices [1] - The consequences of this liquidity influx on inflation will require careful assessment [1] Group 2 - The article emphasizes the importance of understanding macroeconomic factors, earnings, and capital flows in identifying investment opportunities [2] - It highlights the role of geopolitical strategy and tech disruption in shaping market dynamics [2]

🚨 CMC News: $BTC Falls to 4-Month Low, Strike CEO Warns of Liquidity Crisis.🔗 https://t.co/ncHB9BCv8u https://t.co/IHl5ddwG2R ...

Group 1 - The international precious metals market is strengthening, with spot gold prices holding at $2350 per ounce and silver prices surpassing $34 per ounce, reaching a new high since 2012 [1] - Adrian Day warns of significant valuation discrepancies in mining companies and highlights a potential liquidity crisis in the global financial system, which may compel the Federal Reserve to restart quantitative easing in Q3 [1][3] Group 2 - The gold market is supported by multiple fundamental factors, including accelerated central bank gold purchases, increased demand for safe-haven assets due to geopolitical uncertainties, and growing concerns over fiscal sustainability in major economies [3] - The OECD has significantly lowered its 2024 global economic growth forecast to 1.6%, citing the impact of U.S. protectionist policies on the global trade system, which has pressured the dollar index and supported gold prices for three consecutive weeks [3] - Day suggests that the U.S. Treasury may face a risk of funding exhaustion in Q3, leading the Federal Reserve to provide liquidity support by expanding its balance sheet rather than merely cutting interest rates [3] Group 3 - In terms of asset allocation, Day emphasizes that the mining sector presents significant value opportunities, citing Agnico Eagle Mines, which, despite high profit margins, has an enterprise value multiple (EV/EBITDA) below the 20th percentile of the past decade [4] - There is an expectation of increased merger and acquisition activity among mid-tier miners, with companies like Franco-Nevada and Wheaton Precious Metals identified as having strategic value [4] - Day maintains a bullish outlook on uranium, copper, and other key metals for energy transition, suggesting that the current precious metals market cycle is far from over and recommending investors hold gold mining stocks until at least 2025 [4]