collapse

According to BBX data, yesterday the global publicly listed companies in the U.S. stock market and the proposed listing of crypto giants faced severe differentiation in capital operations, with the core dynamics as follows:The plan for 30,000 BTC giant to go public has collapsed: Cantor Equity Partners I (NASDAQ: $CEPO) and Bitcoin Standard Treasury Company (BSTR) jointly announced through BusinessWire yesterday that they will no longer proceed with the transaction according to the original business combination agreement signed in July 2025. The core reason is that the $1.5 billion PIPE financing has completely failed to materialize. Against the backdrop of Bitcoin dropping about 50% from its historical high, investor interest in the new Bitcoin treasury company has significantly cooled. The shareholder meeting originally scheduled for July 10 has been indefinitely postponed. BSTR originally planned to carry 30,021 BTC to list on Nasdaq and become the world's fourth-largest publicly listed company holding Bitcoin, and this collapse means that its listing path needs to be redesigned.American Bitcoin Corp. completes 1-for-15 reverse stock split and increases holdings: American Bitcoin Corp. (NASDAQ: $ABTC) recently completed a 1-for-15 reverse stock split to meet Nasdaq's minimum stock price listing maintenance requirements. While consolidating shares to maintain its listing, the company announced that it purchased 500 BTC in the secondary market against the trend, increasing its total holdings to 8,000 BTC (fair value of approximately $496 million), ranking 16th globally among publicly listed companies in terms of Bitcoin holdings. The company is approximately 44% owned by Hut 8, and Eric Trump, the second son of Trump, serves as Chief Strategy Officer.

According to Protos, the decentralized lending protocol Goldfinch, led by a16z and aimed at serving the unbanked population in Africa, is in crisis.On-chain data shows that among the 8 borrowers in the project, 2 have officially defaulted, and 6 have entered debt restructuring, with total losses exceeding $18 million. Depositors are lamenting that "the $50 million has gone down the drain." Its native token GFI has fallen from a peak of $32.94 in January 2022 to below $0.07, a decline of 99.8%, and the project's market value has shrunk from a peak of $390 million to less than $6 million.Goldfinch had previously lent over $100 million to borrowers in 18 countries, including motorcycle rental companies in Kenya and salary advance platforms in Nigeria, but the core issue lies in the severe lack of off-chain credit verification, with borrowers frequently misappropriating funds and refusing to repay. As the default rate rises, the project has quietly abandoned its positioning in emerging markets in Africa, shifting towards institutional credit funds like Ares and Apollo, rendering its original vision of inclusive finance a mere facade.

Bybit's latest options weekly report states that the directional judgment over the past four weeks has all been realized this week: BTC hit a low of $59,130, surpassing the previous target range of $65k - $67k. Last week's opening was $73,760, with a low of $59,130, marking the largest weekly decline since the FTX collapse (approximately -20%), now rebounding to $63,000. Recently, three major bearish factors have overlapped: non-farm payrolls exceeded expectations reigniting interest rate hike expectations, SpaceX's IPO drawing away liquidity, and Strategy selling BTC for the first time in four years. The ETF saw a record net outflow of $1.7 billion in a single week. ETH's daily RSI fell to a historical low of 12.78, while BTC's RSI simultaneously dropped to 15.45, increasing the probability of a technical rebound, but a trend reversal remains to be confirmed. DVOL surged from a historical low of 35 to 55 before falling back to 48, with bearish options having taken profits. Currently, do not chase long positions; BTC faces significant pressure in the $63k - $65k range, waiting for CPI and DVOL to drop to 40 or for BTC to effectively reclaim $65,000 before re-entering.

Bitcoin briefly fell below $60,000 last Monday, marking the worst weekly performance since the FTX exchange collapse in 2022. As of last Sunday, Bitcoin had accumulated a 16% decline over the past 7 days, retreating more than 50% from its historical high of over $126,000 in 2025. Several market analysts warned that the current rebound may be difficult to sustain, and Bitcoin may not have reached the bottom of this cycle yet. Griffin Ardern, co-founder of Primal Fund, stated that the market is still quite far from the "true bottom."Data shows that the U.S. spot Bitcoin ETF has recorded net outflows for 13 consecutive trading days, with a total outflow of approximately $5.5 billion. At the same time, Bitcoin fell below the 200-week moving average, widely regarded as a key support level, further weakening market confidence. Paul Howard, a senior executive at crypto trading firm Wincent, described the current market as a "silent bear market," believing that falling below the 200-week moving average is an important confirmation signal for the market entering a bear phase.Analysts pointed out that the ongoing conflict between the U.S. and Iran, the reversal of expectations for Federal Reserve interest rate cuts, and strong U.S. employment data are driving the market to reprice the interest rate path, with a high interest rate environment being unfavorable for the performance of risk assets, including crypto assets. Additionally, some funds are flowing from the crypto market into artificial intelligence and tech stock sectors. Nevertheless, the current pullback is still less than historical bear market cycles. In past bear markets, Bitcoin typically retreated about 80% from its peak, while this round has seen a decline of about 50%. Some traders believe that if the macro environment continues to deteriorate and companies holding large amounts of Bitcoin face financing pressures, there remains a risk of further downside in the market.

DWF Labs co-founder Andrei Grachev stated on the X platform that BitMine and Strategy have a significant chance of causing the largest market crash in cryptocurrency history. I cross my fingers and pray this doesn't happen, but if it does, users should consider what strategies to adopt if Bitcoin crashes to $10,000 to $20,000.As the crypto market has continued to pull back recently, Strategy, led by Michael Saylor, holds 843,706 BTC at an average price of $75,699, with an unrealized loss of approximately $12.27 billion. The Ethereum treasury company BitMine, supported by Tom Lee, currently holds 5,416,901 ETH at an average price of $3,500, with an unrealized loss of approximately $10.35 billion.

Previously, David Hoffman, co-founder of Bankless, which officially announced the liquidation of ETH, expressed the view that the current Bitcoin price is just at the 200-week moving average (MA).Reviewing the historical market, BTC only effectively broke below this moving average during the bear market phase triggered by the consecutive collapses of Terra, Three Arrows Capital, and FTX, which was also a highly destructive systemic crisis in the history of the crypto industry.In his opinion, the market risks brought by the convertible bonds and other operations launched by Michael Saylor's Strategy do not reach the level of harm caused by the previous series of collapses. In addition, he disclosed the cost of his holdings again, with the cost of NEAR at about $1.4, HYPE at about $45, and ZEC at about $560.

According to Cryptopolitan, the former CEO of the Singaporean crypto lending platform Hodlnaut, Zhu Juntao, has been charged with six counts of fraudulent misrepresentation for allegedly misleading users about the exposure to TerraUSD. Hodlnaut invested $317 million from user accounts into Terra's Anchor Protocol without disclosure, resulting in a loss of $189.7 million after the UST collapse. When the platform shut down in August 2022, it owed users approximately $281 million, with assets of only $88 million, creating a shortfall of about $193 million.Prosecutors allege that Zhu Juntao instructed employees to make false promises in official Telegram groups and emails during and after the UST collapse, including claims that the company had not invested in LUNA or UST and had not suffered losses. Zhu Juntao pleaded not guilty in court, and a pre-trial conference is scheduled for June 2026. If convicted, each charge carries a maximum sentence of 20 years in prison.

According to Decrypt, financial services company Swan Bitcoin has been sued by the PCT Litigation Trust for allegedly using insider information to avoid significant losses during the collapse of Prime Trust in 2023, seeking to recover nearly $1 billion in crypto assets. The lawsuit claims that Swan had knowledge of non-public information on the eve of Prime Trust's bankruptcy and transferred fiat and crypto assets from Prime, avoiding catastrophic losses. The assets that Swan was able to transfer are valued at nearly $1 billion at current prices, including 11,992 bitcoins (approximately $917 million), $22.4 million, $5 million in stablecoins, and 91,444 XRP.The lawsuit also points out that a "senior executive" of Prime Trust simultaneously served as a paid external consultant for Swan, providing a channel for obtaining insider information. A representative for Swan stated that client assets are held in trust accounts managed by a trust company and should not be pursued by general unsecured creditors.

BitMEX co-founder Arthur Hayes tweeted that the rising yield of the 10-year U.S. Treasury (TSY) will force the Trump administration to reach an agreement with China as soon as possible, otherwise the traditional financial markets (TradFi) will face the risk of collapse. He also stated that he is taking this opportunity to buy the dip.

Former Singapore Navy personnel Zhang Rongxuan (35 years old, phonetic) was sentenced to six years and ten months in prison after stealing 1.7 million Tether (nearly 2.3 million Singapore dollars) from a friend's cold wallet, which he spent on luxury watches, gambling, and paying off a mortgage.It is reported that Zhang Rongxuan was a member of the Naval Diving Unit at the time of the incident, holding the rank of captain. After getting to know the victim, he also co-managed a non-fungible token trading platform with friends, which is affiliated with Upstairs Research Pte Ltd and owned by DiGi Selection Holdings Pte Ltd. After security companies tracked the cryptocurrency wallet, Zhang Rongxuan admitted that he committed the crime due to suffering significant losses from the collapse of the FTX exchange.

According to market news, the actual controller of the recently collapsed European cryptocurrency exchange Zondacrypto is reportedly hiding in Dubai, and the losses for the exchange's customers may exceed $100 million.Polish media Onet Wiadomości disclosed that the official representative of Zondacrypto is in Dubai with a man nicknamed "Maniek," who is the true controller of the cryptocurrency business, while CEO Przemysław Kral is merely a "front figure." Kral has been missing since the company was revealed to have reserves drop by over 99%, and he was previously thought to have fled to Israel but is now confirmed to be in the UAE. The exchange was formerly known as BitBay, founded in 2014, and was taken over by Kral in 2021 and renamed Zondacrypto, moving its operations to Estonia.Polish media reports that the exchange may be controlled by the Russian Tambov gang, with about 30,000 Poles potentially becoming victims, with preliminary estimates of losses at least 350 million zloty (approximately $97 million), and the actual amount may be higher. Additionally, founder Sylwester Suszek went missing in 2022, and it is claimed that a wallet key containing 4,500 bitcoins that he controlled was never handed over.

According to Cointelegraph, former U.S. Treasury Secretary Henry Paulson warned that U.S. authorities should prepare short-term, targeted emergency plans in advance for the potential collapse of future U.S. Treasury demand. He stated that once a crisis occurs, the impact will be severe. The U.S. Treasury market is seen as the cornerstone of the global financial system, and if it becomes unstable, it could affect the pricing of corporate bonds, mortgages, and stocks.The report pointed out that if a crisis weakens confidence in the dollar, it could drive funds toward alternative value storage assets like Bitcoin and gold; however, Tether, which uses U.S. Treasuries as its main reserve asset, may also face redemption and de-pegging risks.

Binance founder Zhao Changpeng (CZ) detailed the Terra/UST/LUNA collapse in his new book "Binance Life." In 2018, Binance's venture capital department invested $3 million in Terra in exchange for LUNA tokens. Starting on May 7, 2022, UST began to de-peg and rapidly collapsed, with approximately $60 billion in value evaporating.At the same time, the team informed that the early investment in LUNA was worth $1.6 billion, and CZ decided not to sell to cash out, reasoning that he did not want to trigger market panic, harm the project, or be seen as running ahead of retail investors. Nevertheless, the LUNA he held plummeted from a market value of $1.6 billion to a few thousand dollars within days, resulting in significant losses for Binance.CZ pointed out in the book that Terra claimed to have billions of dollars in reserves but did not use them to stabilize UST, and founder Do Kwon lacked transparent responses. The design of UST relied on LUNA as a reserve, and after the de-pegging, the system crazily minted LUNA, increasing the total supply by 1,000 times, accelerating the collapse. Terra ultimately used $3 billion in Bitcoin reserves to try to save the situation, but it was too late, and he expressed shock that Do Kwon might have privately kept $200 million for legal fees.

According to Jinshi Data, U.S. President Trump stated that Cuba will collapse in a short period of time.