Bitcoin ETFs are 60% underwater, creating a $100 billion distressed house of cards
Bitcoin is trading near $86,000 as losses build across ETFs, treasury companies, and miners. According to Checkonchain’s Dec. 15 “System Stress” note, investors are carrying about $100 billion in unrealized losses. Bitcoin system stress (Source: Checkonchain) Miners are pulling back hashrate, many treasury-company stocks are trading below their Bitcoin book value, and about 60% of...
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